Thousands of people who owe extra tax in the Portsmouth region could benefit by submitting their tax return before the end of this year, rather than the end of January.
Providing you owe less than £3,000 to Her Majesty’s Revenue and Customs (HMRC), already pay tax under PAYE and file your return online by December 30, HMRC accepts payment for the outstanding tax over the course of the coming year.
Paul Duckworth, a tax partner at Smith & Williamson, the accountancy and investment management group covering the Portsmouth region, said: ‘Thousands of people paying relatively small amounts of tax under self-assessment can benefit from this – particularly as it avoids having to settle the entire amount in one go on January 31, which follows fast on the heels of Christmas expenses!
‘This is effectively an interest-free loan from HMRC that makes it easier for people to pay outstanding tax.’
For more information go to gov.uk/log-in-file-self-assessment-tax-return.