Self assessment bill

[williaa68]

I have a chunky self-assessment bill due at the end of Jan, largely as a result of deferring the payment due in July. The last 9 months have been challenging and the ability to spread the payment over 12 months, given the low interest rate applicable, would be helpful, but as I understand it this is only available if the amount is <£30k. Can I, for example, pay the amount over £30k now and then apply to defer the balance over 12 months?

thanks in advance.

[Eric Mc]

Contact HMRC (if you can get through to them) and explain the circumstances. Are you self employed (genuine - not through a limited company) and, if you are, have you been claiming the SEISS?

[996c2]

williaa68 said:

I have a chunky self-assessment bill due at the end of Jan, largely as a result of deferring the payment due in July. The last 9 months have been challenging and the ability to spread the payment over 12 months, given the low interest rate applicable, would be helpful, but as I understand it this is only available if the amount is <£30k. Can I, for example, pay the amount over £30k now and then apply to defer the balance over 12 months?

thanks in advance.

I asked a similar question a few weeks back but unfortunately, no one was able to give me a direct answer on PH (which is fair enough).

My current understanding is that I should be able to pay the due taxes less £30k and then spread the £30k payment over 12 months. I don't know if this is correct but I will make my tax payment in the next couple of weeks and see if I can arrange a payment plan for the remaining £30k. I will update this thread on my progress but if you get an answer before me then please let me know.

Thanks.

[williaa68]

Eric Mc said:

Contact HMRC (if you can get through to them) and explain the circumstances. Are you self employed (genuine - not through a limited company) and, if you are, have you been claiming the SEISS?

Thank you. I will try and call them. I am self employed but via limited company. The company has taken its 50k loan but no other government help available.

[Eric Mc]

You are not, technically, self employed- so you do not qualify for the SEISS relief.

[996c2]

996c2 said:

I asked a similar question a few weeks back but unfortunately, no one was able to give me a direct answer on PH (which is fair enough).

My current understanding is that I should be able to pay the due taxes less £30k and then spread the £30k payment over 12 months. I don't know if this is correct but I will make my tax payment in the next couple of weeks and see if I can arrange a payment plan for the remaining £30k. I will update this thread on my progress but if you get an answer before me then please let me know.

Thanks.

As promised, I am here to update on what happened when I paid my self assessment tax down to <£30k. That is, the remaining tax bill due by the 31/1/2021 is <£30k.

Unfortunately, the system would not let me setup a payment plan automatically for the remaining <£30k balance. I would need to call HMRC to discuss it.

This may be because I have a chunky tax bill due on 31/7/2021.

Hopefully this info is of help to others.