Can’t pay your tax bill in full by 31 January 2025? HMRC’s online Time to Pay system lets self-assessment taxpayers spread the cost over monthly instalments. With plans available for tax bills up to £30,000, this flexible 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
  • No other tax debts
  • No existing HMRC payment plans

For taxpayers who do not meet these requirements or owe more than £30,000, 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.

HMRC’s Director General for Customer Services, said:

We’re here to help customers get their tax right and if you are worried about how to pay your self-assessment bill, help and support is available. Customers can set up their online payment plan to suit their own financial circumstances and can spread those payments across a maximum of 12 months. It is a valuable option for someone needing extra flexibility in meeting their tax obligations.

Source:HM Revenue & Customs | 16-12-2024
Categories: Income Tax

by Admin

Share

STAY IN THE LOOP

Subscribe to our free newsletter.

Related Posts

View all
  • Alternative providers of higher and further education may be able to claim refunds of VAT following a recent Court of Appeal ruling, although the position remains subject to further legal

    Continue reading
  • Cryptoassets can create unexpected tax liabilities. HMRC’s guidance highlights several areas where mistake can be made.

    Assuming crypto-to-crypto exchanges are tax-free. Exchanging one type of

    Continue reading
  • HMRC has revealed that it had £42.8 billion in outstanding tax debt at the end of March 2025, equivalent to 5% of total tax receipts. The figures appear in its corporate report, The HMRC tax debt

    Continue reading
  • You may have to pay Income Tax on your pension if your total annual taxable income exceeds your Personal Allowance. This applies whether you receive the State Pension, a workplace pension or a

    Continue reading