{"id":2376,"date":"2020-10-15T04:00:00","date_gmt":"2020-10-15T04:00:00","guid":{"rendered":"http:\/\/im-20674"},"modified":"2023-01-11T11:09:22","modified_gmt":"2023-01-11T11:09:22","slug":"time-to-pay-limits-increased","status":"publish","type":"post","link":"https:\/\/www.oneaccounting.co.uk\/time-to-pay-limits-increased\/","title":{"rendered":"Time To Pay limits increased"},"content":{"rendered":"<p>One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help tax payers affected by COVID-19 to&nbsp;use&nbsp;the Time To Pay service.<\/p>\n<p>Businesses and self-employed people in financial distress&nbsp;and with outstanding tax liabilities&nbsp;may be eligible to receive support with their tax affairs by accessing&nbsp;this service.<\/p>\n<p>An online payment plan was available&nbsp;to set up instalment arrangements for paying tax liabilities up to \u00a310,000. This limit has now been increased to \u00a330,000 from 1 October 2020.<\/p>\n<p>HMRC&nbsp;estimates around 95% of Self-Assessment customers who are due to make payments on 31 January 2021 could qualify to implement a Time To Pay arrangement using the self-serve, online Time To Pay facility, without needing to speak to an&nbsp;HMRC&nbsp;adviser.<\/p>\n<p>Taxpayers that want to use the online option must meet the following requirements:<\/p>\n<ul>\n<li>Have no outstanding tax returns<\/li>\n<li>No other tax debts<\/li>\n<li>No other HMRC payment plans set up.<\/li>\n<\/ul>\n<p>The debt needs to be between \u00a332 and \u00a330,000, and the payment plan needs to be set up no later than 60 days after the due date of a debt.<\/p>\n<p>Taxpayers using self-serve Time To Pay will be required to pay any interest on the tax owed. Interest will be applied to any outstanding balance from 1 February 2021.<\/p>\n<p>Taxpayers with Self-Assessment Tax payments of over \u00a330,000, or who need longer than 12 months to pay in full, may still be able to set up a Time To Pay arrangement by calling the Self-Assessment payment helpline.<\/p>\n<div style=\"font-size:smaller\" class=\"im_source\">Source: HM Revenue &amp; Customs   Wed, 14 Oct 2020 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"<p>One of the measures announced by HMRC at the start<\/p>\n","protected":false},"author":1,"featured_media":2377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Time To Pay limits increased - One Accounting<\/title>\n<meta name=\"description\" content=\"Businesses and self-employed people in financial distress and with outstanding tax liabilities may be eligible to receive support...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oneaccounting.co.uk\/time-to-pay-limits-increased\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Time To Pay limits increased - 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