Thousands benefit from time to pay scheme

More than 142,000 people have used the tax catchup 'time to pay' scheme (TTP) with HMRC to spread the cost of their self-assessment tax bill since April 2021.

The deadline for self-assessment tax returns and tax payments for 2020/2021 was 31 January, but this year people were given until 1 April to pay any outstanding tax before they faced penalties.

The Government also extended the date after which penalties would apply for late filing of self-assessment tax returns from 31 January to 28 February.

Since April 2021, self-assessment customers paid almost £475 million in tax through the service.

Anyone who did notpay their tax bill by 5 April will face a 5% late payment penalty on their outstanding tax.

Those who had a tax bill under £30,000 and were unable to pay in full were able to use TTP , spreading the cost over monthly payments.

People who owed over £30,000 were also able to use TTP but had to contact HMRC to arrange the payment schedule.

Myrtle Lloyd, director general for customer services at HMRC, said:

"I'd like to thank the millions of customers and agents who have sent us their tax returns and paid their tax bills."

Customers who have already paid their tax for the last year can now file their 2021/2022 tax returns as of Wednesday (6 April).

Last year, more than 63,000 people filed their returns on the first day of the tax year.

Talk to us about the benefits of filing a tax return early.

 

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