Tax return reminder – Act now!
Posted on 2nd January 2021
The deadline for submitting your Self-Assessment tax return for the 19/20 tax year (ending 5th April 2020) is 31st January 2021.
This year HMRC has said that those who have been impacted by the Coronavirus pandemic – which will be a great many businesses - can delay the payment and apply for a payment plan if the Self-Assessment tax return is submitted on time.
The payment plan will avoid a late payment penalty, but does involve paying a minimal 2.6% interest charge on any balance you may have outstanding after 1st February.
With the plan you can spread your whole bill across 12 months and pay via direct debit. It’s worth noting that you won’t, unfortunately, be eligible for the payment plan if you have any outstanding debt, unpaid tax returns from previous years, or owe more than £30,000 in tax.
The plan needs to be set up online using the Government Gateway system. It is not necessary to provide any supporting documents.
We suggest that you act now and not wait for the deadline. The sooner that your returns are submitted, the sooner you’ll know how much you owe, and be able to organise your payment plan.
Tagged as: Accountancy Firm, HMRC, Tax Return
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