The Accountancy Office

Time to Pay HMRC

HMRC’s online Time to Pay system

 

Can’t pay your tax bill in full by 31 January 2025? HMRC’s online Time to Pay system lets self-assessment taxpayers spread the cost over monthly instalments. With plans available for tax bills up to £30,000, this flexible option can help you avoid late payment penalties.

 Those eligible for the self-serve option can arrange payments online without needing to contact an HMRC adviser. HMRC has revealed that more than 15,000 taxpayers have already set up a Time to Pay payment plan for the 2023-24 tax year.

To qualify for the online Time to Pay option, taxpayers must meet these conditions:

  • No outstanding tax returns
  • No other tax debts
  • No existing HMRC payment plans

For taxpayers who do not meet these requirements or owe more than £30,000, other payment arrangements may be available. These are typically agreed on a case-by-case basis, tailored to individual circumstances and liabilities, allowing businesses and individuals to pay off their debt over time.

HMRC’s Director General for Customer Services, said:

We’re here to help customers get their tax right and if you are worried about how to pay your self-assessment bill, help and support is available. Customers can set up their online payment plan to suit their own financial circumstances and can spread those payments across a maximum of 12 months. It is a valuable option for someone needing extra flexibility in meeting their tax obligations.

Once you have your plan in place, take time to review your finances and prepare for next year’s tax bill. To find out if you are claiming all tax allowances available to you, visit HMRC’s website.

If you need help preparing tax returns, for companies or individuals , our team is here to help. We offer a comprehensive accounting service .

Contact us today to ensure you and your company’s taxes stay on the right track! 

Call us on  01386 366741 or email here and one of our advisers will be in contact.