Over 10.7 million individuals who were required to file a tax return this year met the usual 31st January deadline. A further 1.8 million were late. At 15% of all returns, this is around double the usual level. Those 1.8 million will have been glad to hear HMRC’s late-January announcement that automatic £100 late-filing penalties are delayed to 28th February this year, recognisingthe fact that many have struggled to file during a very challenging year.
Welcome news, but note interest still applies to any late-paid liability from 31st Jan for all.
Anybody struggling to pay personal tax debts of £30,000 or less may be able to reach a monthly payment arrangement with HMRC. This must be done by 2nd March latest. Log into your personal gateway account or call HMRC on 0300 200 3822 with your UTR or NI number to hand. If formal arrangement is not reached, an automatic 5% penalty will be applied to tax outstanding on 31st March.
If you were simply too busy or disorganised to file, we would be very happy to chat about how we can help you next year and save stress along the way!
As a final point, be alert to the many scammers around. HMRC will never call or email you to discuss tax refunds or ask for bank or card details. Ignore strange unexpected calls saying you are about to be arrested for unpaid tax! If in doubt, check with your professional adviser.
We can help
If there is anything we can do to help you manage your current financial situation, please call us on 0121 550 8525. We’ll be happy to talk you through some options based on your individual needs. Contact us.
Please note that during this time, we are experiencing a high number of enquires. We are responding to everyone; however, it may take longer than normal. We appreciate your patience.
