Time To Pay: Tax Returners Spread Over £69m With HMRC

Over 25,000 self-assessment taxpayers have now set up a Time To Pay arrangement with HMRC spreading £69.1 million across 12 monthly instalments ...

Last October, the threshold for Time To Pay arrangements with HMRC was raised from £10,000 to £30,000. Once self-assessment taxpayers have completed their 2019/20 tax return and understand what they owe, they can now use the self-serve facilities to spread the cost of their tax bill.

"The 31st of January self-assessment deadline is just a few days away!"

HMRC realise that the past year has been tough for many self-employed people. They are now helping them spread the cost of their tax bills into simple monthly payments. So, far 25,000 have taken up this facility and the average amount spread is £2,821.

Anyone who needs to file a self-assessment tax return can visit gov.uk/hmrc and apply for the payment plan providing:

- they have no outstanding tax returns
- there are no other tax debts
- they have no other HMRC payment plans active

The debt also needs to be between £32 and £30,000

Do be aware of copycat HMRC websites that are connected to phishing scams. Never click the links in any emails you receive and always go directly to gov.uk/hmrc to find out if the message was authentic.

Also, be very alert to calls or texts claiming to be from HMRC as it may also be a scam.

If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.