HMRC Self Assessment tax return warning: Time is running out for first time applicants | Personal Finance | Finance
However, HMRC noted that the 2.75 interest on outstanding payments will still be payable from February 1.
Self Assessment returns collect income tax from individuals that don’t have it automatically deducted from their income, providing a hefty annual bill instead of monthly payments.
The Time to Pay scheme is intended for those that fear paying their tax bill will see them facing financial hardship as it splits their tax bill into more affordable instalments.
Those who may need access to this scheme are advised to contact HMRC as soon as they are aware that they cannot pay their taxes in full.
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