Do you have a tax return to submit soon?
Do you wish to take advantage of the Government’s new ‘Time to Pay’ initiative?
‘Time to pay’ is the name of the Government’s provision to allow those who submit a self-assessment to pay in instalments. You can now apply online to spread the cost of the tax bill into monthly payments without the need to call.
You will need to have a completed your tax return for 2019-20 so please contact us with your information as soon as you can so we can prepare it for you.
Once you have your completed tax return for the 2019-20 tax year, you can use HMRC’s service to agree monthly repayments. Please note that there will be interest payable on the repayments and this will be applied on the amount outstanding from 1 February 2021.
The criteria to use this service includes:
· no outstanding tax returns
· no other tax debts
· no other HMRC payments set up
· your self-assessment tax bill is between £32 and £30,000
· it is no more than 60 days since the tax was due for payment
If you don’t meet these requirements, it is still worth a call to HMRC to ask if they will extend the scheme to include your individual circumstances.
So please, if you wish to take advantage of this, send us your information now so we can complete your self-assessment.