GET SUPPORT IF YOU NEED IT AND GET AHEAD IF YOU DON'T

The government has announced resources to assist those struggling to pay their tax liabilities and in financial distress. This includes a dedicated Covid 19 helpline to those in need. The number is 0800 024 1222.  Support will include agreeing a customised Time To Pay arrangement with HMRC. This will help those struggling with cash flow and allow those who enter into arrangements to spread liabilities owed over a pre-agreed period.  HMRC can waive late payment penalties and interest where businesses experience administrative difficulties contacting HMRC or paying taxes due to COVID-19. It is imperative that you get an upfront agreement from HMRC before a payment deadline. 

If you are ok this year, but find that your self-assessment tax return is always done in a desperate mad rush at the end of January, then it can be submitted any time after the previous Financial Year has closed (and you still don’t have to pay any outstanding tax until 31/1/2021). So, if you've got time to spare at home, then think about how good will you feel next January, when - all being well - we have a bit more social freedom, and you can use your time as you please. There's nothing to stop you doing and submitting your self-assessment tax return now, so just do it, and set yourself a reminder to pay any tax due at the end of January.

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Made by the Lifefyle Team.

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