HM Revenue and Customs (HMRC) has revealed that almost 25,000 Self Assessment customers have set up an online payment plan to manage their liabilities in up to 12 monthly instalments, totalling £69.1 million.

HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 in October for Self Assessment customers. The threshold was increased to help businesses and individuals who have been affected by the Coronavirus pandemic.

Once completing their 2019-20 tax return customers can use the self-serve facility to set up direct debits and spread the cost of their bill.

There is less than three weeks to complete your January 31st Self Assessment.

Karl Khan, HMRC’s Interim Director General for Customer Services, said:

“We know the past year has been tough for many businesses and self-employed people, which is why we’re helping them spread the cost of their tax bill into monthly payments.

“Self Assessment customers can use the self-serve Time to Pay facility for amounts up to £30,000 with almost 25,000 customers already benefiting from the service.”

Customers can apply for the payment plan via GOV.UK. However, they must meet the following requirements:

  • they need to have no:
    • outstanding tax returns
    • other tax debts
    • other HMRC payment plans set up
  • the debt needs to be between £32 and £30,000
  • the payment plan needs to be set up no later than 60 days after the due date of a debt

Related Articles

Related Articles

New Measures To Protect UK High Street From Aggressive Rent Collection And Closure

On the 23rd April 2020 the Business Secretary announced that high street shops and other companies under strain will be protected against aggressive rent collections and will be asked to pay what they can during the COVID-19 pandemic.
Read More

Heroes Luncheon And 2021 NFRN Awards Fall Victim To Covid-19 Restrictions

It is with deep regret that we have to announce the postponement and cancellation of two of our flagship events, due to restrictions imposed surrounding the coronavirus pandemic.
Read More

Steal A March On Supermarkets And Book Shops When It Comes To Selling Annuals

DC Thomson Media - the publisher of the UK's best loved and top selling annuals - has created an online business to business ordering shop to enable independent retailers to purchase this year's publications and associated merchandise directly from them.
Read More