Get our latest blog post direct to your inbox every week!

    

01908 774320

 

     

Whether you're a rapidly growing start-up or an established family run business, we have the skills, knowledge and understanding to support you.

1st Of April Deadline For Self Assessment Payment Plans

Or get a 5% late payment penalty ...

Click here to view a mobile version of this blog post  
 
 

Posted by Roger Eddowes on 29/03/2021 @ 8:00AM

If you are a self-assessment taxpayer, you only have a few days left to pay any outstanding tax in full or set up a self-assessment payment plan to avoid incurring penalties ...

Self-assessment payment plans can be set up online by logging in to the Government gateway!

Self-assessment payment plans can be set up online by logging in to the Government gateway!

copyright: chrisdorney / 123rf


HMRC has given self-assessment taxpayers time to pay any tax they own in full or set up a payment plan, so they don't face a 5% late payment penalty charge.

"Arrangements must be in place by midnight on the 1st of April 2021!"

Those who haven't settled their liabilities for the 2019/20 financial year can pay in full online, via their bank or via the post. Setting up a Time to Pay arrangement allows the tax payments to be spread into monthly instalments, paid between April 2021 and January 2022.

Payment plans are available for anyone with a tax bill of up to £30,000; anyone who owes more than that will need to make separate arrangements with HMRC directly.

"So far, nearly 117,000 taxpayers have used the Time to Pay system, which totals repayments of over £437m!"

Any self-assessment taxpayer who usually makes Payments on Account and knows their 2020/21 tax return is going to be lower than the 2019/2020 one due to a loss of earnings caused by COVID-19 can reduce their payments.

Self-assessment payment plans can be set up online by logging in to the Government gateway.

Until next time ...

ROGER EDDOWES
Business Godparent

 
 



Would you like to know more?

If anything I've written in this blog post resonates with you and you'd like to discover more about self assessment payment plans or are having problems paying your tax liabilities, call me on 01908 774320 and let's see how we can help.

Don't forget to stay updated with our daily social media posts on Facebook.

Leave a comment ...

Share the blog love ...

Google AMP  /  Précis  

Share this to FacebookShare this to TwitterShare this to LinkedInShare this to PinterestShare this via Buffer

#SelfAssessment #PaymentPlans #TimeToPay #PaymentOnAccount #LatePaymentPenalties #SME #Accountants #MiltonKeynes #UK

About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.