It’s that time of year again! If you are required to submit a self-assessment tax return online, you must do so by January 31, declaring your income for the tax year ended April 5, 2025. You must also pay all the tax that you owe by that date.
HMRC has reached out to SA taxpayers to remind them that it allows them to spread their liabilities over monthly instalments, if their tax bill doesn’t exceed £30,000. You do this by submitting your return first, then set up a payment plan online using HMRC’s ‘Time to Pay’ service.
There have already been 18,000 payment plans set up this tax year, and HMRC says that it provides flexibility for people, allowing them to schedule payments according to their circumstances and avoid the stress of finding money to pay the whole bill at the end of January, when finances may be tight.
You may also like...
-
Tuesday, January 7, 2025Read moreInheritance tax break that could lure expats back to the UK
Changes introduced by Chancellor Rachel Reeves on April 6 mean Britons who have lived abroad for 10
years are no longer subject to UK inheri... -
Sunday, January 12, 2025Read more
Top earners see an increase in HMRC investigations
HMRC is intensifying its crackdown on wealthy taxpayers, backed by major government funding, with investigations rising sharply. HMRC’s w...
-
Thursday, January 1, 2026Read more
300,000 workers affected by scrapping of work-from-home tax relief
Workers can currently claim either a flat £6 weekly allowance or actual additional costs, with claims backdated up to four tax years. From Apr...
