£148m in tax bills to be paid in instalments

Newsletter issue – February 2024

As the Self-Assessment Income Tax deadline looms (31 January), HMRC has revealed that many people have opted into a scheme to pay their tax bills in instalments.

Nearly 44,800 people have sorted their tax bills totalling almost £148 million, by setting up a monthly payment plan called Time to Pay. HMRC also revealed 28,794 people used its app this time around to pay more than £42 million in tax owed.

More than 7.7 million people who file Self-AssessmentTax Returns have already filed theirs for the 2022 to 2023 tax year. We hope you're among those who have completed the filing for this year, but if not please get in touch with us as soon as possible to avoid missing the deadline and potentially facing penalties.

The monthly plan to pay in instalments is open to those who owe less than £30,000 and who apply within 60 days of the payment deadline. However, anyone with other payment plans or debts with HMRC is unlikely to be eligible.

There is an affordability checker on the HMRC web pages to guide you further. Interest will be applied to any outstanding balances from 1 February.

Click here to see how easy it is to switch to Cowley Holmes