Owe some tax under self assessment?
On 31 January (2021) the following tax is due to be paid:
- The 2nd payment on account for the tax year 2019/20 (if you deferred it from 31 July 2020);
- The balancing payment for the tax year 2019/20;
- Your first payment on account for tax year 2020/21.
If these total under £30,000, you can set up a TTP (Time to Pay Arrangement) time-to-pay arrangement, paying by DD over 12 months, without talking to or contacting HMRC by phone.
How do you do this?
Simply access HMRC’s website at https://www.tax.service.gov.uk/pay-what-you-owe-in-instalments using your Government Gateway ID.
You will need to submit your 2019/20 Tax Return 48 hours beforehand.
Anything else you need to know?
Interest will be charged, from 1 February 2021, at 2.6% per annum.
Penalties will not be payable as long as you stick to the payment plan.