No Self-Assessment Late Filing Penalty – 27/01/2021

Self-Assessment customers will not receive a penalty for their late online tax return if they file by Sunday 28 February 2021.

It is important to remember that taxpayers are still obliged to pay their tax bill by the Sunday 31 January 2021 deadline – interest will be charged from Monday 01 February on any outstanding liabilities.

You may be able to pay your Self-Assessment tax in monthly instalments if you have been affected by COVID-19. This payment plan allows you to pay your tax charges over several months and covers the amounts you need to pay now and your next payment amount. HMRC intend this as a one-off payment plan to provide extra support.

You must keep up to date with your payments as if you do not, HMRC may ask you to pay the entire outstanding amount.

To be eligible to set up an online payment plan:
• You need to owe £30,000 or less
• Have no other tax debts
• Have no other HMRC payment plans set up

Self Assessment Payment Helpline:
Telephone: 0300 200 3822
Monday to Friday, 8am to 4pm (closed on bank holidays)

Knowing how to take control of your business finances to maximise profits can be difficult, especially with the current climate. Knowing the common mistakes to avoid can be difficult and can leave you feeling unsure.

Our Director Andrea L Richards has written her E-Book on the most common mistakes made by businesses and has provided expert advice on how to overcome them. 

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Written: 27.01.2021

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