For those who couldn’t pay their self-assessment tax return by the usual 31st January deadline date, they have a week left to pay any outstanding tax liabilities in full or set up an online payment plan.
As Covid-19 has had such an impact on many people’s finances, HMRC gave taxpayers more time to either pay their self-assessment or to set up a payment plan without facing a 5% late payment penalty charge. But, they have until midnight on 1st April to sort this out.
The Time to Pay arrangement allows taxpayers to spread the cost of their tax bill into monthly instalments until January next year.
So far, almost 117,000 taxpayers have set up this arrangement online, totalling more than £437 million.
Figures show that more than 10.7 million people managed to submit their 2019/20 self-assessment tax return by the 31st January deadline date.
At the time of the deadline date, Karl Khan, HMRC’s Interim Director General for Customer Services, said, “We know that many individuals and small businesses are finding it harder to pay this year, due to the pandemic. Anyone who can’t afford to pay their tax bill in full can set up a payment plan, once they’ve filed their return, to spread their tax bill into monthly instalments.”
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