What if I can't pay my self-assessment tax bill?
DON'T PANIC! Taxpayers have the option to set up a self-serve time to pay agreement online if they are not in a position to pay their self-assessment tax bill on time (31st January 2022).
The limit for a self-serve time to pay arrangement was raised during the pandemic to £30,000 tax due and this looks set to remain.
To be eligible you must
· Have filed your tax return for 2020/2021
· Owe less than £30,000
· Be within 60 days of payment deadline
· Be prepared to pay off your tax owed within 12 months of the payment deadline.
There is a potential 5% late payment penalty which can be avoided by setting up your arrangement online by the 1st March 2022.
If you owe more than £30,000 then you will be unable to process this online and should contact the self assessment payment helpline (0300 200 3822) for further information on available payment arrangement options.