the option of setting up a time to pay arrangement is made available. Payments can be made online, via a bank, or by post, prior to filing.
Further information regarding the payment of Self-Assessment tax bills is available online.
Back to Contents
HMRC publishes rates and thresholds for tax year 2021-22 3 February 2021
HMRC has published the rates and thresholds to be used when operating payrolls and providing expenses and benefits to employees, for tax year 2021-22.
This includes:
• PAYE tax and Class 1 National Insurance contributions • Tax thresholds, rates, and codes • Class 1 National Insurance thresholds • Class 1 National Insurance rates • Class 1A National Insurance: expenses and benefits • Class 1A National Insurance: termination awards and sporting testimonial payments • Class 1B National Insurance: PAYE Settlement Agreements (PSAs) • National Minimum Wage • Statutory Maternity, Paternity, Adoption, Shared Parental and Parental Bereavement Pay • Statutory Sick Pay (SSP) • Student loan and postgraduate loan recovery • Company cars: advisory fuel rates • Employee vehicles: mileage allowance payments
Back to Contents
Over 10.7 million people submitted their Self-Assessment tax returns for tax year 2019-20 by 31 January deadline 4 February 2021
HMRC has reported that more than 10.7 million people filed their Self-Assessment tax returns in time for the deadline of 31 January 2021.
There were still, however, 1.8 million individuals who did not meet the deadline, but who will not be charged a late filing penalty, as long as they submit their return online by 28 February 2021. Anybody who did not pay their Self- Assessment tax bill by 31 January 2021 should pay their bill as soon as is practicable, as interest will be applied to any outstanding amount.
Where the outstanding balance is paid, or a payment plan set up prior to 3 March 2021, a 5% late payment penalty can be avoided.
Anyone who cannot file their tax return yet should aim to pay an estimated amount as early as they can, which will minimise any interest and late payment penalty. Those who are self-employed have the option of using the calculator on Gov.UK for assistance in estimating their tax bill.
The Interim Director General for Customer Services at HMRC, Karl Khan, said:
“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 28 February.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 420 of 590
Made with FlippingBook - Online magazine maker