Taxman helps!
Difficult to believe, but HMRC is trying its best to help people out in these difficult times.
Taxpayers are due to make their tax payments by 31st January for the year ended April last year. However, those people who use the self-assessment scheme to pay their tax, such as the self-employed and contractors, can now apply to defer their payments. Previously, anyone making a late payment would have been charged a penalty of 5% with another 5% being added if the tax was not paid by July. On top of that there would have been interest to pay.
Under the new scheme, if an application is made and approved before the 31st January, then only interest will be charged. Applications need to be made to your own tax office.
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Wealth and Tax Management Independent Financial Planners is the trading name of Byrne Williams Limited which is authorised and regulated by the Financial Services Authority. Company registered number 2020674. Registered in England and Wales. Registered address: 1 The Willows, Mill Farm Courtyard, Stratford Road, Beachampton, Milton Keynes, MK19 6DS
