HMRC’s online Time to Pay facility has been used by more than 142,000 Self Assessment filers since April 2021, helping spread their tax bill.
The Self Assessment deadline for 2020 to 2021 tax returns was 31st January 2022 but, this year, HMRC gave until 1st April 2022 to pay any tax owed and not face penalties.
Those unable to pay in full with a tax bill under £30,000 could use the online Time to Pay service to spread the cost into monthly instalments. Those owing more than £30,000 or needed longer to pay could still use Time to Pay but had to contact HMRC to arrange it.
Since April 2021, Self Assessment filets have used this service to pay tax worth almost £475 million in instalments.
“I’d like to thank the millions of customers and agents who have sent us their tax returns and paid their tax bills.”
Any Self Assessment filers who did not pay their outstanding tax by 1st April 2022 face a 5% late payment penalty on any outstanding tax.
Those wishing to file their 2021/22 tax return can do so from 6th April 2022. Last year, more than 63,500 customers filed their 2020 to 2021 tax return on the first day of the tax year.
More about Self Assessment
Find out more about Self Assessment.
From 1st February 2022, all outstanding amounts were subject to interest.
Latest self-serve Time to Pay figures are for arrangements set up in the 2021 to 2022 tax year and are up to to 3rd April 2022.
A 5% late payment penalty was set to be charged if tax remained outstanding, and a payment plan had not been set up, by midnight on 1st April 2022. Further late payment penalties will be charged at the usual 6 and 12 month points (August 2022 and February 2023 respectively) on tax outstanding where a payment plan has not been set up.
11.3 million customers filed their 2020 to 2021 tax return by 28th February 2022.
PAYadvice.UK 6/4/2022
