HMRC are encouraging those required to complete Self Assessment to complete their tax return ahead of the deadline on 31st January 2021, to make sure they have time to pay their tax bill or set up a payment plan.
Self Assessment customers can complete their Self Assessment via the Personal Tax Account, which provides an immediate calculation of any tax owed.
Paying self assessment tax and payment plans
Once Self Assessment taxpayers have completed their 2019-20 tax return, and know how much tax is owed, they can set up their own payment plan to help spread the cost of their tax liabilities, up to the value of £30,000.
They can use the self-serve Time to Pay facility to set up monthly direct debits and this can all be done online so there is no need to phone HMRC.
You can visit GOV.UK to find out more:
Who is required to undertake self assessment
Individuals need to complete a tax return if they:
- or their partner received Child Benefit and either of them had an annual income of more than £50,000
- received more than £2,500 in other untaxed income, for example:
- From tips or commission
- Money from renting out a property
- Income from Savings, investments & dividends
- From foreign income
- are self-employed sole traders and earned more than a £1,000
- are a partner in a business partnership
- are employees claiming expenses in excess of £2,500
- have an annual income over £100,000.