Self Assessment

If you haven’t yet submitted your 2020 personal tax return to HMRC, there’s still time! In order to avoid a £100 penalty, your return must be submitted by 28 February. And if you have yet to pay your tax bill interest will be running on the amount due. However HMRC have just announced that no penalty will be charged if you pay your tax bill or set up a monthly payment plan by 1 April 2021. After this date a penalty of 5% of the outstanding tax due will be charged. Payment plans can be set up online or over the phone – details of how to do this can be found here