{"id":19942,"date":"2020-02-13T14:58:04","date_gmt":"2020-02-13T14:58:04","guid":{"rendered":"https:\/\/smh.group\/?p=19942"},"modified":"2023-02-15T13:49:42","modified_gmt":"2023-02-15T13:49:42","slug":"time-to-pay-arrangements-get-easier","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/time-to-pay-arrangements-get-easier\/","title":{"rendered":"\u2018Time to pay\u2019 arrangements get easier"},"content":{"rendered":"\n

For taxpayers who have trouble affording their tax bills, HMRC has updated its process for setting up time to pay arrangements.<\/strong><\/h3>\n\n\n\n

If you have missed the\nself-assessment filing deadline of 31 January, and are struggling to cover your\ntax payments, you can now set up a time to pay arrangement online with HMRC. <\/p>\n\n\n\n

The online option is\nonly available once the initial deadline has passed, allowing taxpayers until\nthe end of February to set up a plan for 2018\/19. Any submission of a time to\npay arrangement is still subject to approval. You will need to set up a\nGovernment Gateway ID if you don\u2019t already have one.<\/p>\n\n\n\n

If your instalment\nplan is agreed, you will not face a charge or penalties for late payment from\nthe time that arrangement is agreed. However, any payments made after the\ndeadline of the arrangement will be subject to interest, currently at 3.25%. <\/p>\n\n\n\n

Outside of this\nwindow, you will need to deal directly with HMRC to negotiate settling\noutstanding tax debts. Time to pay arrangements are assessed against each\nindividual\u2019s financial circumstances, including income, expenditure and\ndisposable assets, taking into account what they can afford and how long they\nmay need to pay. <\/p>\n\n\n\n

Once an arrangement is\nin place, it can be amended to take advantage of an upturn in your\ncircumstances, or, if necessary, extended if your situation remains difficult. In\nthese cases, you will accrue interest from the due date to the end of the\narrangement, with the amount payable included in your overall debt under the\narrangement. <\/p>\n\n\n\n

In extremes, HMRC can force taxpayers to use savings or assets such as second properties to pay off their final debts, which would be discussed on a case by case basis. Your primary home and pension income are protected from any realisation of assets, although a charge can be made against your property to secure your debt.<\/p>\n\n\n\n

Ideally you will never need to set up a time to pay arrangement if you plan your expenditure to include your tax liabilities. If you do find yourself in difficulty over tax payments, please let one of our Accounting & Business Advisory<\/a><\/span><\/strong> know on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong> so we can help. <\/p>\n","protected":false},"excerpt":{"rendered":"

For taxpayers who have trouble affording their tax bills, HMRC has updated its process for setting up time to pay arrangements.<\/p>\n","protected":false},"author":4,"featured_media":16313,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[83,11,250,19,480,409,410],"class_list":["post-19942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-chartered-accountants","tag-hmrc","tag-self-assessment","tag-tax","tag-tax-bill","tag-tax-payments","tag-time-to-pay"],"acf":[],"yoast_head":"\n\u2018Time to pay\u2019 arrangements get easier - SMH Group<\/title>\n<meta name=\"description\" content=\"For taxpayers who have trouble affording their tax bills, HRMC has updated its process for setting up time to pay arrangements.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Time to pay\u2019 arrangements get easier - 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