Are you worried about a late payment penalty from HMRC? If you are, then help is at hand.
The self-assessment payment deadline is 31 January and interest is charged from 1 February on any amounts outstanding.
Normally, HMRC charges a 5% late payment penalty on any unpaid tax that is still outstanding on 3 March. But this year, because of the impact of the Covid-19 pandemic, HMRC is giving taxpayers more time to pay or set up a payment plan.
Taxpayers can pay their tax bill or set up a monthly payment plan online at www.gov.uk. They need to do this by midnight on 1 April to prevent being charged a late payment penalty of 5%.
The online Time to Pay facility allows taxpayers to spread the cost of their self-assessment tax bill into monthly instalments until January 2022 aiding cash flow for many.
If you are worried about paying your tax and unable to set up a payment plan online please contact HMRC for help and support on 0300 200 3822 or phone us for guidance. We are here to help.