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How do you set up payment terms with HMRC with “Time to Pay” scheme?

The government has made arranging to pay your personal tax liability over instalments easier for taxpayers.

In order to set up your payment plan, you need go log on into your HMRC personal tax account.  You can then spread your payments up to across 12 months and set up a direct debit to ensure payment is taken.  

The following criteria however, applies:-

·        Your tax liability is lower than £30,000

·        All your tax returns are up to date

·        You have no other “time to pay” payment arrangements in place

·        You owe no other debt to HMRC

·        Your tax is no more than 60 days overdue

If you do not meet these requirements, you may still qualify for Time to Pay, but you will need to call HMRC to discuss this further on 0300 200 3310.

HMRC will continue to charge interest on outstanding balances.

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Email: admin@mphaccountants.co.uk