£69.1m deferred through time-to-pay scheme
HMRC has revealed tax payments worth around £69.1 million are being spread through its time-to-pay scheme.
The tax authority said more than 25,000 self-assessment taxpayers have set up online payment plans to manage their tax liabilities in up to 12 monthly instalments.
HMRC increased the threshold for time-to-pay arrangements from £10,000 to £30,000 for self-assessment customers back in October 2020.
The scheme was initially launched to help businesses and individuals who have been severely impacted by the COVID-19 pandemic.
The news comes as the self-assessment deadline for 2019/20 approaches on 31 January 2021.
Karl Khan, HMRC’s interim director-general for customer services, said:
“We know the past year has been tough for many businesses and self-employed people, which is why we’re helping them spread the cost of their tax bill into monthly payments.
“Self-assessment customers can use the self-serve time-to-pay facility for amounts up to £30,000 with almost 25,000 customers already benefiting from the service.”
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