Worried about paying your self assessment tax bill? We’ll review your financial situation and whether you meet the criteria for a time-to-pay arrangement with HMRC.
With a combination of low growth and high inflation, the 2022/23 tax year has been a tough time, financially speaking, for many of us.
So it’s no surprise that many owners, directors and self-employed individuals are concerned about having enough funds to pay their self assessment income tax bill.
The good news is that HM Revenue & Customs (HMRC) does have a facility for spreading out your income tax payments. HMRC’s ‘time-to-pay’ arrangement allows you to pay your tax bill in pre-agreed installments, with a small amount of interest added on for the use of this service.
Where the amount due doesn’t exceed £30,000, you can apply online; otherwise you will need to contact them to discuss what arrangements can be put in place.
The time-to-pay scheme relates to HMRC’s online payment plan service, allowing you to come to an agreement about deferring your tax bill and spreading the costs over several months.
For your 2022/23 tax return, you can spread the balance of your 2022/23 liability as well as the first payment on account towards the 2023/24 tax bill. Some other considerations of the facility include:
So, how do you know if you’re eligible to set up a time-to-pay agreement with HMRC? There are five criteria that must be met for HMRC to consider an online payment arrangement. The five criteria are:
The deadline to set up online payments is within 60 days of the due date – in this case, 1 April 2024 for the last tax year and the first payment on account for the current tax year.
If you don’t qualify based on the five rules mentioned above, you can still apply for normal (not online) time-to-pay arrangements. It’s worth noting that time-to-pay arrangements don’t show up in credit searches – but if you default and it ends up with an Individual Voluntary Agreement (IVA) or County Court Judgement (CCJ) being made, that will obviously show up.
If you’re concerned about not being able to pay your January self assessment income tax bill, please do come and talk to us. We’ll review your financial situation, your liquid funds and will work out how much you can realistically afford to pay.
Get in touch to talk about an online payment plan for your self assessment tax bill and let’s find out how we can help from here at The Stan Lee.
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EXCELLENT Based on 36 reviews Lucrezia Zanin2024-04-25Trustindex verifies that the original source of the review is Google. Thanks to Muhammad who has been guiding me through any tax question I had and helped with my yearly return. Highly recommended! Lauren Le Franc2024-03-21Trustindex verifies that the original source of the review is Google. Professional, sound advice and diligent. Helped with VAT, PAYE and general accounts. Great service. Pinku Goswami2023-10-13Trustindex verifies that the original source of the review is Google. Good and excellent service Gavin Ballack2023-10-12Trustindex verifies that the original source of the review is Google. Very Efficient and Effective Accountant. Solaiman has excellent communication and his been working with us for over 2 years. Highly Recommended!!! adnan ahmed2023-10-09Trustindex verifies that the original source of the review is Google. I must express my utmost satisfaction with the level of professionalism, expertise, and dedication demonstrated throughout our engagement. I wholeheartedly recommend Stan Lee to anyone seeking not just an accountant, but a financial adviser who is dedicated to the success and well-being of their clients. Aslihan İbrahim2023-10-02Trustindex verifies that the original source of the review is Google. Güvenilir, dürüst ve iyi servis. Kendisi ile çalışmaya başladıktan sonra işlerimiz daha verimli ve doğru bir şekilde yönlenmeye başladı. Kesinlikle tavsiye ederim. Hamza Khan2023-05-03Trustindex verifies that the original source of the review is Google. Thank you Mr Solaiman for always handling my tax queries and always being there for first response! Martin Irudayaraj2022-11-18Trustindex verifies that the original source of the review is Google. Good respect my last review was bad experience but he came to me and talk to me explain what happened and sort out my issue and offer me free service for 3 months He is definitely professional respect his Clint’s and help them . Will recommend to my friends. The Stig2022-10-07Trustindex verifies that the original source of the review is Google. Thank you very much Mr Solaiman for coming back to me and for answering my queries. I can only imagine how busy it must be for you, especially at this time of the year. I shall definitely consider using your services at some point in the future and making sure that I have all the necessary paperwork in order for you to process everything smoothly and proficiently, ready for submission. Making it easier and less stressful for you. Travel Gateway2022-07-07Trustindex verifies that the original source of the review is Google. Stan Lee Accountancy Ltd is highly recommended. Muhammed’s been taking care of my ATOL return and I can honestly say he has been incredibly professional.
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