HMRC’s Time to Pay Scheme Helps 142,000 Brits Manage Tax Bills
More than 142,000 Self Assessment customers have turned to HMRC’s online Time to Pay service since April 2021 to spread the cost of their tax bills.
Extended Deadline and Easy Instalments
While the usual Self Assessment deadline was 31 January for the 2020/21 tax year, HMRC gave taxpayers a break this year, extending the payment deadline to 1 April without penalties.
If you owed less than £30,000 but couldn’t pay in full, you could use the online Time to Pay facility to break your bill into manageable monthly cash instalments. For those owing over £30,000 or needing longer to pay, direct contact with HMRC was required to arrange a plan.
Nearly Half a Billion Paid in Instalments Since 2021
Since April 2021, customers have used the Time to Pay service to cover almost £475 million in tax through instalments.
“I’d like to thank the millions of customers and agents who have sent us their tax returns and paid their tax bills,” said Myrtle Lloyd, HMRC’s Director General for Customer Services.
Missed the Free Payment Deadline? Expect Penalties
Any Self Assessment taxpayers who failed to pay by 1 April now face a 5% late payment penalty on their outstanding tax.
Looking ahead, customers can start filing their 2021/22 tax returns from 6 April 2022. Last year saw over 63,500 people file on the very first day.
