Those who are late submitting will be relieved to learn that they will not be charged a penalty as long as they submit it by 28th February.
However, interest will be charged to late payments from the 1st February until they are paid.
Anyone who is unable to pay their bill in full can apply to spread the cost by setting up a payment plan, but this is only for those who have no other outstanding tax returns, no other tax debts or HMRC payment plans set up; and their debt is between £32 and £30,000.
Karl Khan, HMRC’s Interim Director General for Customer Services, commented, “Thank you to the 10.7 million customers who have sent in their tax returns.
“We won’t send anyone a late filing penalty if they complete their tax return by 28th February.
“We know that many individuals and small businesses are finding it harder to pay this year, due to the pandemic. Anyone who can’t afford to pay their tax bill in full can set up a payment plan, once they’ve filed their return, to spread their tax bill into monthly instalments.”
If you have any questions about how an umbrella company works, visit Contractor Umbrella by clicking here.