HMRC’s Time to Pay Saves 142,000 Self Assessment Tax Payers from Cash Crisis
More than 142,000 Brits have turned to HMRC’s online Time to Pay scheme since April 2021 to break up their Self Assessment tax bills and dodge hefty penalties.
Deadline Extended to April 1 to Ease the Pain
The usual 31 January deadline for 2020/21 Self Assessment was pushed back this year to 1 April, giving customers extra breathing room to settle their tax debts.
How Time to Pay Works
- Tax bills under £30,000? You can spread payments into manageable monthly instalments online.
- Owe more than £30,000 or need longer to pay? You must contact HMRC directly to set up a plan.
Since April 2021, nearly £475 million worth of tax has been paid via instalments through this service.
HMRC Boss Thanks Taxpayers—and Warns of Penalties
“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.
But if you missed the 1 April deadline, beware: a 5% late payment penalty now applies on any outstanding tax.
Looking ahead, the window to file your 2021/22 Self Assessment opens on 6 April 2022. Last year, over 63,500 eager taxpayers filed their returns on day one.
