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HMRC has increased the threshold for paying tax liabilities by instalments to £30 000 for self-assessment taxpayers in line with the chancellor’s announcement on 24 September. The previous limit was £10 000.
After filing their return for 2019-20 taxpayers who have to make payments can use the online self-serve time-to-pay facility through GOV.UK to set up a direct debit and pay the tax in monthly instalments up to a 12-month period. They must meet the following conditions:
- they must have no outstanding tax returns no other tax debts or no other HMRC payment plans set up;
- the debt must be no higher than £30 000; and
- the payment plan needs to be set up no later than 60 days after the due date of a debt.
Whereas no interest was due on deferred payments on account between July 2020 and January 2021 taxpayers using the new arrangement...
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