Time To Pay Tax Arrangements

The world of tax can be troubling, and confusing at times, particularly when it comes to the tax you pay in relation to running your own business.

It is important to always keep on top of your tax situation and know exactly where you stand with it.

Did you know that taxpayers who cannot pay their tax bill on time can set up a Time to Pay arrangement with HMRC?

This is a flexible agreement that seeks to help taxpayers and can be done online as long as certain conditions are met. Andrew James of the Catering Accounting Company and James, Stanley & Co have summarised how the arrangement works and produced a handy document breaking down everything you need to know.

The key points you need to know regarding this are:

• Setting up a time to pay arrangement online for self-assessment has been possible for
  several years.
• The self-assessment limit increased from £10,000 to £30,000 in October 2020.
•  The ability to create an online time to pay arrangement was extended to employers PAYE in December 2022.

Furthermore, you can read through the factsheet in full here. Any assistance or further guidance required regarding these arrangements can be provided by getting in touch with the James, Stanley and Co team. Contact them here.