To follow on from our earlier blog ‘HMRC refuses to budge the 31 January 2021 Self Assessment filing deadline’ we just want to remind you of the tax that is due to be paid on 31 January 2021 as follows:
- The 2nd payment on account for the tax year 2019/20 (if you deferred it from 31 July 2020)
- The balancing payment for the tax year 2019/20
- Your first payment on account for tax year 2020/21.
If these total under £30,000, you can set up a Time to Pay Arrangement (TTP) , paying by direct debit over 12 months, without talking to or contacting HMRC by phone.
How do you do this?
Simply access HMRC’s website at https://www.tax.service.gov.uk/pay-what-you-owe-in-instalments using your Government Gateway ID.
You will need to submit your 2019/20 Tax Return 48 hours beforehand.
What else you need to know?
Interest will be charged, from 1 February 2021, at 2.6% per annum.
Penalties will not be payable as long as you stick to the payment plan.
If Saint & Co prepare and submit your tax return and you have not brought or sent in your tax return information yet, it is important to do so as a matter of urgency, to ensure that the 31 January 2021 deadline is met. Likewise if Saint & Co have prepared your tax return and sent this to you for signature, please ensure you return the signed copy as soon as possible to enable us to meet the deadline.
If you know anyone who may benefit from our newsletters and updates, please feel free to forward this email or ask them to opt in to our mailing list.