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Self Assessment Late Payment Penalties

HMRC: no late payment 5% penalty for self assessment taxpayers

HMRC have announced that they will not impose a 5% late payment penalty if taxpayers pay their tax or set up a payment plan by midnight on 1 April 2021. Daily interest charges of 2.6% p.a. will still be charged from 1 February 2021.


Income tax - The payment deadline for Self Assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment penalty is also charged on any unpaid tax that is still outstanding on 3 March but this year, because of the impact of the COVID-19 pandemic, HMRC is giving taxpayers more time to pay or set up a payment plan.

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Farrell & Farrell CA Limited (trading as Farrell & Farrell) is registered in NI with registration number NI 639336. Registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry on audit work and regulated for a range of investment business activities by Chartered Accountants Ireland (CAI). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 3044856.