Monday 1 February 2021 Update

Is it really February? Accountants breathe a sigh of relief.

I need to pinch myself this morning, can it really be February?  Well you only have to access HMRC’s website to check:

HM Revenue & Customs

Sorry, the service is unavailable

You will be able to use the service later.

It seems that taxpayers have broken the website attempting to pay their tax this morning.

It was Tuesday last week, a matter of days before the filing deadline, that HMRC announced it was extending the date, by which tax returns can be filed without penalty, to 28 February.  Any tax due was still to be paid by 31 January.

So, it’s feet up until 3 March – BUDGET DAY.

Personal Tax Payments – Time to pay

 Two weeks ago, I set out a reminder that you can ask HMRC for time to pay your Self-Assessment tax bill.  You can set up a payment plan to spread the cost of your latest Self-Assessment bill if:

  • you owe £30,000 or less
  • you do not have any other payment plans or debts with HMRC
  • your tax returns are up to date
  • it’s less than 60 days after the payment deadline

You do not need to contact HMRC if you set up a payment plan online (see below).

Call the Self-Assessment helpline if you’re not eligible for a payment plan or cannot use the online service. Payment Helpline Telephone: 0300 200 3822

 Personal Tax Accounts

 I have mentioned previously how important it is for everyone to have and use their personal tax account.  This give you access to HMRC on-line and allows you to check the status of your tax payments.  Follow this link to see the other benefits of setting up your own account.

 https://www.gov.uk/personal-tax-account

 Self-employment Income support scheme – SEISS 4th Grant

 A fourth grant will cover the period 1 February to 30 April 2021.  This will be payable in May and the amount is yet to be determined.  It has been broadcast by Martin Lewis that The Chancellor will announce how this will be calculated during his Budget on 3 March.

A word of thanks to my team

My last comments are for my super team.  We got to the end of January relatively unscathed.  I appreciate the hard work that goes into chasing, chasing and chasing again to ensure that all tax returns (bar a handful) are filed on time and all tax payments are made.  My thanks go out to Ellen, Alison, James & Maria for getting the bulk of the returns processed well before the deadline.  We also could not have managed without Maria I, Will, Karley and Flora.

Whilst difficult working conditions continue the team here will always do our best to look after our clients.

Take care and let’s look forward to better months ahead.

Kind regards

Paul