Further to our blog on Friday, more details have been released on the self-assessment tax deferral from 01st February 2021 onwards. A summary of those details is as follows:
- Interest will be charged at 2.6% on balances paid after 01st February 2021, even when you have agreed these payments with HMRC
- Taxpayers can setup their own “self-serve Time to Pay” agreement with HMRC online using their Gov.uk login details. This can be done any time after their 2019-20 tax return as been filed.
- To qualify for the “self-serve Time to Pay” service taxpayers must meet the following conditions:
- no outstanding tax returns
- no other tax debts
- no other HMRC payments set up
- your Self-Assessment tax bill is between £32 and £30,000
- it is no more than 60 days since the tax was due for payment
- These are the requirements for the online system. If these are not met taxpayers may still qualify, they will just have to phone HMRC directly.
As always if you have any queries in regards to the above please do not hesitate to get in touch.
Telephone Number: 01392 360008