If are struggling to pay your self-assessment tax bill as your income has been affected by coronavirus, you may be able to pay via a payment plan. HMRC have an online application for Time to Pay.
You can spread the cost of your latest self-assessment bill if
- You owe £30,000 or less
- You do not have ay other payment plans or debts with HMRC
- Your tax returns are up to day
- It is less than 60 days after the payment deadline
You can see if you are eligible and apply for a payment plan online, you do not need to phone HMRC.
If you cannot access the online service or are not eligible you should call HMRC at your earliest convenience to discuss your situation. The self-assessment payment helpline is 0300 200 3822.
Think ahead for Making Tax Digital for Income Tax
With MTD for income tax over the horizon, it is mandated for 2024, begin converting to digital software. HMRC’s portal can be confusing – now is the perfect time to switch.
Digital software allows you to calculate your tax liability in real time if you chose to use it from April 2022 and update your finances weekly, monthly or quarterly. You can be one step ahead, plan your finances and spend more time concentrating on your business.
GoSimpleTax suggest submitting your 21/22 tax return on 6th April and then utilising software to stay up to date with your finances. Updating your tax return in real time.