Published On: Wed, Dec 2nd, 2020

Self-Assessment Tax Return warning: HMRC imposed £108m in penalties last year | Personal Finance | Finance


They have also increased the maximum tax liability threshold of these online arrangements from £10,000 to £30,000.

Time to Pay arrangements allow individuals to stagger repayments of their outstanding tax bill without incurring any penalties for late payment, Moore explained.

However, interest will still be charged on any tax owed. For tax bills larger than £30,000, contact will have to be made with HMRC directly rather than through their online system.

According to Moore, the rise in late payment penalties last year may also be driven by an increasing number of self-employed people – something which hit a record high of five million last year.



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