Under normal circumstances we would have been reminding you about the payments for your personal tax bill in the run up to 31st January which is the usual deadline. However, this is not a usual year, as we all know!
For this year, if you have not paid your personal tax for the year ended 5th April 2020 then you need to pay it by 31st March 2021. You need to have either paid the tax or arranged a payment plan with HMRC by that date. The reason this date is so important is that any tax not paid by that date and without a payment plan in place will incur a 5% late payment penalty. HMRC will charge you an additional 5% of the tax due. So if you need to pay £10,000 and have not paid it by 31st March then HMRC will increase that bill by £500 so you will owe £10,500.
HMRC know that people are struggling at the moment so if you cannot pay the tax then ring them on the number in the link below or use the link to the online system and arrange a payment plan with them. The online Time to Pay facility will allow you to spread the cost of your personal tax bill into monthly instalments until January 2022.
You will still be charged interest on any late payments but paying now or setting up a payment plan will mean that you are not charged the penalties. If you need any help or have any questions then please get in touch.