The online self-serve 'Time to Pay' service, has been increased from £10,000 to £30,000 for Self Assessment customers, to help ease any potential financial burden they may be experiencing due to the coronavirus pandemic.
Once you've completed your tax return for the 2019-20 tax year, you can use the online self-serve 'Time to Pay' service through GOV.UK to set up a direct debit and pay any tax that is owed in monthly instalments, up to a 12-month period.
If you wish to set up your own self-serve 'Time to Pay', you must meet the following requirements:
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 the tax paid late.
Please note, if you do choose to spread the cost of your tax payments, interest will be applied to any outstanding balance from 1 February 2021.
If you have any questions or we can help you with any COVID-19 business support please get in touch. Email the team email@example.com or call 01858 289 189.
Head to our Personal Tax Compliance page to find out more about how the team can help you.
Thanks for stopping by,
Charlotte & The Business Hut Team