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HMRC has issued a press release to confirm that more than 142,000 taxpayers have used HMRC’s online ‘Time to Pay’ facility to spread the cost of their self-assessment tax bill since April 2021.
The self-assessment deadline for 2020/21 tax returns was 31 January 2022 but, this year, HMRC gave taxpayers until 1 April to pay any tax owed and not face penalties.
Individuals who were unable to pay in full but had a tax bill of under £30,000 could use the online Time to Pay service to spread the cost into manageable monthly instalments. Those who owed more than £30,000 or needed longer to pay could still use the Time to Pay service but they had to contact HMRC to arrange it.
HMRC has said that, since April 2021, self-assessment taxpayers have used this service to pay nearly £475 million worth of tax in instalments.
It should be noted that any self-assessment taxpayers who did not pay their outstanding tax by 1 April now face a 5% late payment penalty on any outstanding tax.
