A total of £46 million has been paid under the Treasury’s time-to-pay scheme in this tax year so far – and more than 20,000 people have used HMRC’s monthly payment plan to spread the cost of their Self-Assessment tax bill since April 2021.
The online service allows people who owe up to £30,000 in tax to manage their liabilities online and create a bespoke monthly payment plan, without the need to talk to HMRC. Last year, around 123,000 customers used the service to pay their 2019/20 tax bill, totalling £460m.
Only five weeks remain now until the deadline for 2020/21 tax returns, at midnight on 31 January 2022.
Taxpayers can use ‘time to pay’ to arrange a payment plan if they:
– have filed their tax return for 2020/21
– are within 60 days of the payment deadline
– plan to pay their debt within the next 12 months
Tax Director, Chris Regnauld commented: “We understand that some of our clients may be concerned about paying their self-assessment bill this year, and submitting their Tax Returns and we are here to support them. It’s quite straightforward to see if you’re eligible to set up a payment plan, just go to GOV.UK and search ‘pay my self- assessment’.”
If you require expert tax guidance for your Self-Assessment and Tax Returns, please contact Chris.Regnauld@affordbond.com or use the Contact Us form on our website.