Self Assessment Late Payment Costs Increase

As HMRC interest rates are linked to the Bank of England base rate, the increase in the base rate from 0.25% to 0.5% on 3 February 2022 has triggered an increase in rates for late payments. HMRC have confirmed that late payment interest rates will increase from 21 February 2022. This means that anyone that […]

Don’t Be Fooled By Self Assessment Deadline ‘Extension’

HMRC has announced that they are giving “self assessment taxpayers more time to ease COVID-19 pressures” and the date of 28 February 2022 is being suggested as a newly extended deadline to submit your tax returns by.  (Instead of the usual deadline of 31 January.) However, please don’t be fooled by the inaccurate headlines that […]

No Late Filing Penalty for Online Tax Returns up to 28 February

Self Assessment customers will not receive a penalty for their late online tax return if they file by 28 February, HMRC Chief Executive Jim Harra has announced.  Importantly though, taxpayers are still required to pay their bill by 31 January 2021.  Interest will be charged from 1 February on any outstanding liabilities. Customers can pay […]

HMRC extends threshold for self-employed “time to pay” applications

In a move to ease financial stress of coronavirus on self-employed people, the limit for “Time to Pay” has increased from £10k to £30k. This means that self-assessment taxpayers can pay up to £30k of tax owed for 2019-20 in monthly instalments rather than in two payments in January and July. HMRC estimates around 95% […]