Copy

HMRC have extended the 2020 Tax Return filing deadline to 28 February. No fines will be issued if returns are filed before then.

However.......

Tax still remains due for payment on or before Sunday 31st January. If that’s causing you to worry, here are two things you could do.

  1. Set up a time to pay arrangement. The payment can be spread over 12 months and you can set it up yourself using your Government Gateway. Interest will be charged. The limit for self-serve is £30,000. (If you owe more, you’ll still have to call HMRC).
  2. Look at your likely level of 2021 profits/income/dividends. For many of us, they will be lower than in 2020. Part of your January 2021 payment may be an on account payment for 2021. A quick look forward may allow you to reduce that element of this week’s tax bill. One claim will reduce both the January and July 2021 payments. Interest is charged if you reduce it by too much, so err on the side of caution. If you are in a loss making position, consider submitting an early (estimated) loss claim.
Call us to discuss these options and other ways to spread the burden.

Help is out there, so don’t worry, take action.


Steve
Facebook
Twitter
Link
Website
Copyright © 2021 Numbers UK Limited, All rights reserved.


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Email Marketing Powered by Mailchimp