{"id":3745,"date":"2020-10-06T08:26:30","date_gmt":"2020-10-06T08:26:30","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=3745"},"modified":"2020-10-06T08:26:32","modified_gmt":"2020-10-06T08:26:32","slug":"self-assessment-hmrc-announces-new-enhanced-payment-plans-for-self-employed","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/self-assessment-hmrc-announces-new-enhanced-payment-plans-for-self-employed\/","title":{"rendered":"Self-Assessment: HMRC announces new \u2018enhanced payment plans\u2019 for self-employed"},"content":{"rendered":"<p>From 1 October 2020, individuals who complete Self-Assessment tax returns will now be able to divide their tax bill into monthly instalments, without speaking to an HM Revenue and Customs (HMRC) adviser first.<!--more--><\/p>\n<p>On 24 September 2020, the Chancellor announced that measures are being put into place to provide more support to individuals through the unpredictable times ahead.<\/p>\n<p>As a result, from 1 October, HMRC increased the threshold for paying tax liabilities from \u00a310,000 to \u00a330,000, to help any individuals who may have encountered financial struggles due to the coronavirus pandemic.<\/p>\n<p>The Chancellor stated that self-employed individuals are allowed to pay, through the self-serve tool, their negotiated payment on record from July 2020, any indebted tax for 2019 to 2020, and their first payment on record for this current tax year.<\/p>\n<p>All of which can be monthly instalments of up to 12 months. If 12 months is not enough, individuals can contact HMRC as per usual to resolve their tax obligations.<\/p>\n<p>This online self-serve Time to Pay tool is available via gov.uk, where individuals can set up a direct debit.<\/p>\n<p>According to research, there are more than 11 million individuals who complete Self-Assessment tax returns per year.<\/p>\n<p>HMRC estimate that 95 per cent of those who complete Self-Assessment tax returns who have payments pending on 31 January 2021, could qualify to utilise Time to Pay. However, individuals must meet the following criteria:<\/p>\n<ul>\n<li>Have no outstanding tax returns<\/li>\n<li>Have no other tax debts<\/li>\n<li>Have no other HMRC payment plans in motion<\/li>\n<li>Their debt ranges from \u00a332 to \u00a330,000<\/li>\n<li>Their planned date to utilise Time to Pay must not have surpassed six months after their debt\u2019s due date, as they cannot be set up after this<\/li>\n<\/ul>\n<p>When using the self-serve, individuals will be required to pay interest on the owed tax, which will apply to any outstanding balance from 1 February 2021.<\/p>\n<p><strong>For more information or advice on Self-Assessment tax returns, contact our expert team today. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 1 October 2020, individuals who complete Self-Assessment tax returns will now be able to divide their tax bill into monthly instalments, without speaking to an HM Revenue and Customs (HMRC) adviser first.<\/p>\n","protected":false},"author":2,"featured_media":3747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45,38,24,28,75,108,87,7,27,111,52],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3745"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3745"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3745\/revisions"}],"predecessor-version":[{"id":3746,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3745\/revisions\/3746"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/3747"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}