The self assessment tax return deadline of 31 January is now only a few days away.  If you have already submitted your tax return but are unable to pay your tax bill in full by the deadline, you may qualify for some extra time to make payments. 

HMRC’s online ’Time to Pay’ system allows self-assessment taxpayers to spread the cost of their tax bill over monthly instalments.  With plans available for tax bills up to £30,000, this option can help you avoid late payment penalties.

Those eligible for the self-serve option can arrange payments online without needing to contact an HMRC adviser.  HMRC has revealed that more than 15,000 taxpayers have already set up a Time to Pay payment plan for the 2023-24 tax year.

To qualify for the online Time to Pay option, taxpayers must meet these conditions:

• No outstanding tax returns 
• Owe £30,000 or less
• Are within 60 days of the payment deadline
• No other tax debts 
• No existing HMRC payment plans. 

For those who do not meet these requirements, other payment arrangements may be available.  These are typically agreed on a case-by-case basis, tailored to individual circumstances and liabilities, allowing businesses and individuals to pay off their debt over time.  You will need to contact HMRC directly to discuss your options.

For more information on self assessment or any other tax issues, please contact us.

Internet links:

Time to Pay – GOV.UK
Contact HMRC – GOV.UK