The financial implications of the Coronavirus pandemic continue to affect individuals and businesses, many of whom find themselves seeking support in ways they’ve never had to consider before.
The government launched a well-publicised series of support measures in response to the Covid-19 crisis, including the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme.
However, HMRC is also seeing increased demand for a pre-existing support option for those struggling to pay their tax – the Time to Pay arrangement, frequently abbreviated to TTP.
TTP arrangements can cover any amount owed to HMRC that has become overdue. There is no standard length or amount as each is specific to individual circumstances and completely bespoke, created on a case-by-case basis.
Individuals who cannot pay their Self-Assessment tax liabilities in full can pay their tax by instalments.
You can set up a payment plan to spread the cost of your latest Self-Assessment bill if:
• you owe £30,000 or less
• you do not have any other payment plans or debts with HMRC
• your Tax Returns are up to date
• it’s less than 60 days after the payment deadline
An instalment plan can be set up by online or by calling the Self-Assessment Payment Helpline on 0300 200 3822.
Senior Client Manager at AF Tax Solutions Ltd
If you would like to discuss this issue further please contact get in touch.