HMRC have sent an update and push to ensure individuals are aware that they need to complete their tax return ahead of the deadline on 31 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 their personal tax account which provides an immediate calculation of any tax owed and can be found here:
Once Self Assessment customers have completed their 2019-20 tax return, and know how much tax is owed, they can set up their own payment plan if eligible, 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.
Customers need to complete a tax return if they:
- From tips or commission
- Money from renting out a property
- Income from Savings, investments & dividends
- From foreign income