Self Assessment Customers to Benefit from Enhanced Payment Plans
Enhanced payment arrangements announced by the Chancellor for those paying income and capital gains tax via self Assessment. HMRC has increased the upper threshold for online applications for time-to-pay to £30,000.
As part of his Winter Economy Plan on 24 September 2020 enhanced payment arrangements for taxpayers who are unable to pay their self-assessment bill that falls due on 31 January 2021.
The enhanced payment arrangements apply to all tax due on that date including:
Deferred second payment on account for 2019/20 which was originally due on 31 July 2020.
Balancing payment for 2019/20 due on 31 January 2021.
The first payment on account for 2020/21 due on 31 January 2021.
The debt needs to be between £32 and £30,000
The payment plan needs to be set up no later than 60 days after the due date of a debt
The amount due can be paid in monthly instalments over a period of up to 12 months.
Taxpayers can set up a time to pay arrangement online if they meet the following requirements. There should be no
Outstanding tax returns
Other tax debts
Other HMRC payment plans set up
Interest will be applied to any outstanding balance from 1 February 2021. This contrasts with the deferral of the second payment on account due in July 2020 on which no interest was charged.
Taxpayers who owe more than £30,000 or need longer than 12 months to pay may still be able to set up a time to pay arrangement by calling the self-assessment payment helpline on 0300 200 3822.
Refer the below link for more information:
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