Self Assessment customers to benefit from enhanced payment plans

From 1 October 2020 HM Revenue and Customs (HMRC) has increased the threshold for paying tax liabilities to £30,000 for Self Assessment customers to help ease any potential financial burden they may be experiencing due to the coronavirus (COVID-19) pandemic.

The online payment plan service can already be used to set up instalment arrangements for paying tax liabilities up to £10,000.

Customers who wish to set up their own self-serve Time to Pay arrangements 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

Customers using self-serve Time to Pay will be required to pay any interest on the tax owed. Interest will be applied to any outstanding balance from 1 February 2021.

Self Assessment customers can set up their own online payment plan to help spread the cost of their tax bill.

Source: Business Wales 

https://businesswales.gov.wales/news-and-blogs/news/self-assessment-customers-benefit-enhanced-payment-plans

Posted on: Friday 9th October 2020