More help for Self Assessment taxpayers

Self Assessment timeline for 2019/20: 

 

• 31 January 2021 – Self Assessment deadline (paying and filing) 

• 1 February 2021– interest accrues on any outstanding tax bills 

• 28 February 2021 – last date to file any late tax returns to avoid a late filing penalty 

• 1 April 2021 – last date to pay any outstanding tax or make a Time to Pay arrangement, to avoid a late payment penalty 

 

The payment deadline for self-assessment each year is 31st January following the end of the tax year. 

HMRC will continue to charge interest from 1st February on the outstanding amount still owed and normally a 5% late payment penalty on tax unpaid for 30 days. Taxpayers should still pay in full if they can. This is the only way to stop interest accruing. 

 

The 2020/21 Payments on Account are also due by 31st January 2021 so interest will be charged on late payments. 

 

Late payment penalties are charged when tax remains unpaid for 30 days, 6 months and 12 months after the payment due dates. You can estimate your penalty for late Self Assessment tax returns and payments via this link here. 

 

However, due to the impact of Covid-19, for the tax year ended 5 April 2020, taxpayers can pay their balancing tax due by latest 1st April 2021 and the 5% penalty would not apply. 

 

Taxpayers can pay their tax bill or set up a monthly payment plan online at GOV.UK. They need to do this by midnight on 1 April to prevent being charged a late payment penalty. 

 

The online Time to Pay facility allows taxpayers to spread the cost of their Self Assessment tax bill into monthly instalments until January 2022. 

 

 

You should contact HMRC as soon as you can if you are unable to pay your Self Assessment tax. HMRC recognises the pressure affecting taxpayers due to the pandemic, and encourages anyone worried about paying their tax and unable to set up a payment plan online to contact HMRC for help and support. 

 

 

The rules and changing deadlines can cause confusion. If you require assistance or tax advice, please contact a member of our team on 0333 772 7753 or email [email protected]