Tamen Logo

Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.

None of us has been exempt from the effects of inflation and cost of living issues in the past year. Which is why taxpayers who are obliged to register for self-assessment will be somewhat apprehensive as the deadline for paying any arrears of tax for 2022-23 and the first payment on account for 2023-24 looms large; both need to be paid by 31 January 2024.

However, according to HMRC, 44,800 taxpayers have already registered with HMRC to repay their tax dues.

They said:

“Those who are unable to pay in full can check online to see if they can set up a monthly payment plan called Time to Pay. If they owe less than £30,000, they can use the affordability checker on GOV.UK to help decide the best arrangements for them. Interest will be applied to any outstanding balances from 1 February.”

This Time to Pay facility is a welcome assist for individuals who simply cannot afford to settle their taxes in full by the 31 January payment date.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

“We want to help Self-Assessment customers meet their obligations and there is no time like the present to choose the right payment option for you. Whether you choose to pay in instalments, via the HMRC app or using online banking, search ‘pay your Self-Assessment tax bill’ on GOV.UK for a full list of options.”

HMRC has also reminded taxpayers to be aware of the risk of falling victim to scams and should never share their HMRC login details or any other personal data with anyone. HMRC scams advice is available on GOV.UK.

Share this post:

Looking for instant advice?

Our team are waiting to answer any question you may have via our live chat feature.

Socials

Contact our team

Call us on:

01204 391 505

Email us on:

mjs@tamenaccountants.co.uk

Related blog articles

18th Apr 24 | Updates/ News

New employment protections...

The following changes were enacted from 6 April 2024. These changes apply to England, Wales...

Read more

16th Apr 24 | Updates/ News

Opening up small company reporting...

Companies House are working on detailed changes that will require small and micro sized companies...

Read more

12th Apr 24 | Updates/ News

Boost for small businesses...

In a recent press release, HMRC underlined the benefits to smaller businesses from the increase...

Read more

Let us know your thoughts

Leave a Reply

Your email address will not be published.