Self-assessment time to pay limit increased to £30,000

Self-assessment time to pay limit increased to £30,000

HMRC has announced that it is increasing the threshold for Self-Assessment customers to spread the cost of their tax bills from £10,000 to £30,000. The measure is designed to help ease financial burdens resulting from the coronavirus (COVID-19) pandemic.

Self-Assessment customers can apply online to spread the cost of their tax bill into monthly payments. The online payment plan service could previously be used to set up instalment arrangements for paying tax liabilities up to £10,000. From 1 October 2020, the threshold was increased to £30,000.The increased limit follows the Chancellor of the Exchequer’s announcement on 24 September 2020 to increase support for businesses and individuals in the coming months in light of the ongoing coronavirus (COVID-19) pandemic.

Source: Self Assessment customers to benefit from enhanced payment plans

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