Support for taxpayers: more time to pay tax
Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000.
The government have already agreed that amounts due under self-assessment on 31 July 2020 could be deferred until 31 January 2021, but this latest announcement generally allows a further 12 months to pay.
A key condition is that the taxpayer does not have any outstanding tax returns, no other tax debts, or other HMRC payment plans set up. The payment plan needs to be set up no later than 60 days after the due date of a debt. Interest will accrue on the tax owed based on the outstanding balance at 1 February 2021.
You can either set up a payment plan online by logging into your HMRC online personal tax account or call the HMRC Payment Support Service.
Need more information?
We are here to offer support for taxpayers and will ensure you do not miss any tax deadlines. We offer a wide range of services and our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.
Our fantastic team at A&C Chartered Accountants are here to help.