HMRC has increased the threshold for time to pay arrangements, for Self Assessment customers, to help ease the financial burden they may be experiencing due to the COVID-19 pandemic.
Previously the Time to Pay plan could be used to set up instalment arrangements for paying tax liabilities up to £10K. However, since 1 October it has been officially increased to £30K.
The increase aims to help individuals spread the cost of their tax bill into monthly payments. The deadline to complete Self-Assessment tax returns for 2019/20 is 31 January 2021.
The increased self-serve Time to Pay limit of £30k follows chancellor Rishi Sunak’s announcement on 24 September to increase support for businesses and individuals through the fallout from the pandemic.
If you need help with this then please call us on 0113 2864486.
Photo by Christina @ wocintechchat.com on Unsplash
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