HMRC remove Self Assessment 5% late penalty – how self-employed taxpayers will benefit | Personal Finance | Finance
This news was welcomed by many within the industry, with Dawn Register, the Head of Tax Dispute Resolution at BDO, commenting on the announcement: “This is an exceptional move from HMRC and a very welcome one as we are living in exceptionally difficult circumstances.
“This change will specifically support people struggling with their financial affairs, and offers additional and much-needed respite.
“While taxpayers who owe HMRC less than £30,000 can swiftly set up a Time to Pay arrangement with HMRC using the online facility, those who owe more will need to organise a bespoke payment plan by phoning HMRC and may need to demonstrate their financial hardship.
“This can be time consuming and with the plethora of other challenges many currently face, further latitude is a pragmatic move from HMRC.”