Taxpayers using Time to Pay to spread cost of tax payments

14 Jan 2021

Tax payments worth over £69 million are being spread through HMRC's Time to Pay facility, according to the tax authority.

HMRC said that nearly 25,000 self assessment taxpayers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments.

Last October HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000. Once self assessors have completed their 2019/20 tax return and know how much tax they owe, customers can use the self-serve facility to set up monthly direct debits and spread the cost of their tax bill.

The Time to Pay threshold was increased to help businesses and individuals who have been adversely affected by the coronavirus (COVID-19) pandemic.

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.'

Copyright

© 2021 Andrew Wright & Co.. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01924 379479

Address
Andrew Wright & Co., 10 Cliff Parade, Wakefield, West Yorkshire WF1 2TA


In the UK the term accountant is not protected by law, therefore anyone can call themselves an accountant. Being an ACCA member firm means that you can have confidence that we are qualified to handle your finances, help your business grow and that we are regulated by the leading accountancy body in the world. The ACCA Qualification provides a wide-ranging skill-set, which means we are trained to provide both strategic and operational input and adapt quickly to your changing management accounting needs.

Unqualified persons who have trained for book-keeping or tax only simply aren't able to provide these other services as their skillset is too narrow.

Andrew Wright & Co is a trading style of Andrew Wright & Co Limited. Registered in England and Wales: 10641250. Registered office: 10 Cliff Parade, Wakefield, West Yorkshire, United Kingdom, WF1 2TA.