HMRC's Time to Pay plan raises £46 million

HMRC's self-service Time to Pay payment plan has raised £46 million since April this year, according to the tax authority's data.

15 Dec 2021

HMRC's self-service Time to Pay payment plan has raised £46 million since April this year, according to the tax authority's data.

HMRC's self-serve Time to Pay system was set up to help individuals struggling to pay their bills in full and it allows self assessment taxpayers to manage how they pay their tax.

Since the beginning of this tax year, the system has helped 20,000 people to settle outstanding tax bills. HMRC stated that last year, 123,000 taxpayers used self-serve Time to Pay to spread the cost of their 2019/20 tax bill, with a total value of £460 million.

The limit for a self-serve Time to Pay arrangement, which was increased during the pandemic, remains at £30,000 tax due. 

The service creates a bespoke monthly payment plan for the taxpayer based on how much tax is owed and the length of time needed to pay. If taxpayers owe more than £30,000 or need longer to pay, they should phone the self assessment payment helpline on 0300 200 3822.

Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'We understand some customers might be worried about paying their self assessment bill this year, and we want to support them.'

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