As the Self-Assessment tax deadline approaches on 31 January 2025, HMRC is urging taxpayers to explore payment options that can ease financial strain. With the rising cost of living, managing tax obligations can feel overwhelming. HMRC’s tailored payment solutions aim to make this process smoother and more manageable.
Payment Plans with HMRC’s ‘Time to Pay’ Service
If you’re facing difficulty paying your tax bill in full by the deadline, HMRC offers the ‘Time to Pay’ service, allowing taxpayers to spread payments over a series of monthly installments. Eligibility is straightforward:
- Your tax bill must be less than £30,000.
- No other payment plans or debts to HMRC should currently exist.
- Arrangements must be set up before 1 April 2025.
Taxpayers can conveniently apply for this service online, with no need to contact HMRC by phone or post.
Avoiding Penalties by Acting Early
Filing and paying your tax return on time remains essential. Missing the 31 January deadline can result in penalties and interest charges, which may further complicate your financial situation. Even if you cannot pay in full, submitting your tax return ensures you remain compliant while exploring payment options.
Need Help Navigating Your Tax Return?
At March Accountants, we specialize in helping individuals and businesses stay on top of their tax responsibilities. Whether it’s filing your tax return, understanding your liabilities, or arranging a payment plan, we’re here to help. Contact us today to ensure you meet your obligations without unnecessary stress.
