Self Assessment taxpayers can now apply online to spread the cost of their tax bill

Last week, the Chancellor announced that Self Assessment taxpayers can now apply online to spread the cost of their tax bill into monthly payments without the need to call HMRC.

Last week, the Chancellor shared an update about Self Assessment tax bill payment. Previously, Self Assessment taxpayers have had to call HMRC to apply to spread the cost of their tax bill into monthly payments.


This can now be done online!

The online 'Time to Pay' service limit has been increased to £30,000. This is intended to help ease any potential financial difficulties due to coronavirus.


How to take advantage of the online 'Time to Pay' service

  • Complete your 2019/20 Self Assessment tax return

  • Use the online 'Time to Pay' service via GOV.UK

  • Set up a direct debit and pay any tax owed in monthly instalments, up to a 12-month period


Who is eligible?

If you would like to use this service, you will need to meet the following requirements:

  • no outstanding tax returns

  • no other tax debts

  • no other HMRC payments set up

  • your Self Assessment tax bill is between £32 and £30,000

  • it is no more than 60 days since the tax was due for payment


If you do not meet these requirements, you might still qualify for Time to Pay, but you will need to call HMRC to set this up.


If you set up a 'Time to Pay' arrangement, you will have to pay interest on any tax paid late. Interest will be applied to any outstanding balance from 1 February 2021.


If you would like support with your tax return, please get in touch with us!

  • Services

    Accounts

    Tax returns

    VAT returns

    Bookkeeping

    Payroll

    Company secretarial

  • Marlow Office

    Phone: 01628 477709

    info@pink-accounts.co.uk

    Address:

    The Clock House

    Station Approach

    Marlow, Bucks
    SL7 1NT

  • London Office

    Phone: 0207 4399200
     

    Address:

    16 D'Arblay Street
    London
    W1F 8EA

© Pink Affinity Limited (A member of Affinity Group)

Registered in England No. 04430398 | VAT Registration No. 787 4788 49 | Data Protection Registration No. Z7185875

  • LinkedIn
  • Facebook