Now's the time to pay your Tax liability

13 October 2020

As part of his recent Winter Economy Plan announcements, Rishi Sunak included some enhanced arrangements and an extended period for those with outstanding tax to pay.

These arrangements apply to those with the following payments which would be due on 31st January 2021 for:

  • Deferred 31st July second payments on account for 2019/20.
  • Balancing payments for 2019/20.
  • First payment on account due for 2020/21.

Taxpayers can set up a time to pay ONLINE which will give them 12 months to pay the tax if they meet the following requirements:

  • No outstanding tax returns which includes the 2019/20 tax return.
  • No other tax debts, or HMRC payment plans set up.
  • The debt must be between £32 and £30,000.

Did you miss the Chancellor’s announcement? Fear not, we’ve summarised it into user friendly notes, available for you to catch up on – click here!

If you’re not sure whether you can make the most of these changes, then contact us today, and we can take you through your financial commitments in relation to paying deferred tax.

Call the Tax team on 01536 483513.