Around 25,000 Self-Assessment taxpayers have set up an online payment plan through HM Revenue & Customs ‘Time to Pay’ system to manage their tax returns over 12 monthly instalments, official figures from HMRC have revealed.
Through the self-serve Time to Pay system, individuals can spread the cost of their tax liabilities in monthly instalments – up to 12 months. 
In October 2020, HMRC increased the threshold for Self-Assessment individuals using the Time to Pay tool from £10,000 to £30,000.
The Self-Assessment deadline is now less than three weeks away, with experts advising individuals to act now if they wish to take advantage of the online payment plan to spread the cost of their tax liabilities across the year.
Karl Khan, Interim Director General for Customer Services at HMRC, said: “We know the past year has been tough for many businesses and self-employed people, which is why we’re helping them spread the cost of their tax bill into monthly payments.
“Self Assessment customers can use the self-serve Time to Pay facility for amounts up to £30,000 with almost 25,000 customers already benefiting from the service.”
Individuals can apply for the payment plan via GOV.UK, but must meet the following criteria:

• The debt needs to be between £32 and £30,000
• The payment plan must be set up no later than 60 days following the due date of the debt
• They must have no outstanding tax returns, other tax debts and have no other HMRC payment plans set up

For help and advice on matters relating to Self-Assessment, contact our expert team today.