HMRC’s Time to Pay Scheme Used by 142,000 Self Assessment Customers
More than 142,000 taxpayers have turned to HMRC’s online Time to Pay service since April 2021. This scheme helps spread the cost of their Self Assessment tax bills into manageable chunks.
Deadline Extended But Penalties Loom
The usual 31 January deadline for 2020/21 Self Assessment returns was extended to 1 April this year, giving customers extra breathing room to pay without penalties.
However, anyone who missed the 1 April deadline now faces a 5% late payment penalty on any outstanding tax.
Who Can Use Time to Pay?
- If your tax bill is under £30,000 and you can’t pay in full, you can use the online Time to Pay service to pay in instalments.
- Owe more than £30,000 or need a longer repayment plan? You must contact HMRC directly to arrange it.
Since April 2021, the service has helped customers pay nearly £475 million in tax instalments.
Looking Ahead to 2022/23 Tax Returns
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “I’d like to thank the millions of customers and agents who have sent us their tax returns and paid their tax bills.”
Self Assessment customers can start filing their 2021/22 tax returns from 6 April 2022. Last year, over 63,500 taxpayers filed their 2020/21 returns on day one alone.
