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Time to Pay threshold increased to £30,000

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Time to Pay threshold increased to £30,000

From this week, Self Assessment customers affected by Covid-19 can apply online to spread the cost of their tax bill into affordable monthly payments. The amount of tax liabilities which can be spread out has also been increased from £10,000 to £30,000 to “help ease any potential financial burden they may be experiencing due to the coronavirus pandemic”. The measures form part of the Government’s comprehensive business rescue package, which also include affordable loans, grant funding, VAT cuts and business rates relief. Time to Pay changes: what you need to know Starting this month, Self Assessment taxpayers can use the online payment plan service to split tax liabilities of up to £30,000 into affordable recurring instalments. As part of these changes, Self Assessment customers can now also pay their deferred payment on account bill from July 2020, any outstanding tax owed for 2019 to 2020 and their first payment on account bill for this current tax year in monthly instalments, up to 12 months, via this self-serve tool. Customers with extraordinary circumstances have also been invited to contact HM Revenue & Customs (HMRC) to arrange a bespoke payment plan. Commenting on the changes, Financial Secretary to the Treasury, Jesse Norman, said: “We are supporting jobs by giving more breathing space to up to 11 million Self Assessment taxpayers when managing their tax affairs. “Enhancing Time to Pay should ease the financial burdens and protect the livelihoods of these taxpayers, as they navigate the months ahead.” The tax office added: “If your Self Assessment debts are over £30,000, or you need longer than 12 months to pay your debt in full, you may still be able to set up a Time to Pay arrangement by calling the Self Assessment Payment Helpline on 0300 200 3822.” For more tax and accounting advice, please get in touch with our expert team today.

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Our first priority is the health and well-being of our team and our community. Therefore, with a heavy heart we have made the decision to temporarily work from home with immediate effect.

We are listening to the government’s daily updates, taking each day as it comes, and will reopen our offices as soon as it is safe to do so.

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The general email is enquiries@orchardaccountants.co.uk.

We hope everyone is keeping well and staying safe.

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