As the tax bill deadline of the 31st January rolls around, many are rushing to get their tax paid ahead of time. Once you have had an accountant work out your tax (or you have worked it out yourself) many clients are left wondering the best way to pay their income tax bill.
HMRC announced yesterday that no penalties will be charged on those who are late submitting, as long as HMRC receive their tax return by 28 February 2021.
Emergency tax is applied when HM Revenue and Customs do not have enough information about your income and tax details for a year, so they apply the emergency tax code until they have the information.
If you fall under one or more of the categories set out here you will need to complete a tax return for tax year