The deadline for Self-Assessment returns is nearing on 31 January. Therefore, HM Revenue and Customs (HMRC) urges individuals to start completing their tax returns now to ensure any issues that may arise resolve before the time is up.
“HMRC is ready to offer support to those who are yet to file their returns or are worried about paying their tax bill, but they must act now so we can help before the deadline,” says Karl Khan, HMRC’s Interim Director General for Customer Services.
Coming into the New Year, nearly 18,000 individuals completed their returns between 3 pm to 4 pm. Meaning around 55 per cent of individuals has filed their returns so far, 93 per cent of which did so online.
Through this online self-serve Time to Pay tool, and once a tax return is complete, individuals can see how much tax they owe and then set up their payment plan to help spread the cost of their tax liabilities, as long as it is up to the value of £30,000.
These direct debits can be monthly and interest will apply to any outstanding balance from 1 February 2021.
The department of the UK Government predicts that they will receive 12.1 million tax returns this tax year. This prediction leaves about 5.4 million individuals who still need to complete their Self-Assessment tax return before the deadline.
During this time of year, reports of fraudsters trying to scams individuals increases. With this in mind, HMRC warns individuals to be vigilant of any fraudulent websites, means of contact, and phishing scams. 
When signing into the HMRC website, always type in the full address www.gov.uk/hmrc to get the correct link for Self-Assessment tax returns, which is secure and free of charge to use. 
For more information or help on tax-related matters, contact our expert team today.