| HMRC has announced that
they will launch a new method of paying
tax liabilities, known as Managed Payment
Plans, in April 2011.
The plan could be entered into by any
individual taxpayer making payments under
Self Assessment (whether final payments or
payments on account) and by companies,
under corporation tax self assessment.
Group companies and those already subject
to quarterly instalment arrangements will
be unable to apply.
In order to be able to take advantage
of the scheme, which allows the tax to be
paid in monthly instalments, taxpayers
will have to meet certain conditions:
- The taxpayer has made their self
assessment for the year.
- All previous tax must have been paid
or time to pay arrangements must already
be in place.
- Payments must be made by direct
debit.
Payments need to be made in equal
monthly instalments on 15th of each month
spread symmetrically either side of the
payment date. In order to take advantage
of a full twelve months to pay, taxpayers
will need to make their self assessment
and propose their plans by the following
dates:
- 31 October for SA taxpayers who are
required to make payments on account on
31 January and 31 July;
- 31 July for SA taxpayers who only
have a final 31 January payment to make;
- six months before the normal due
date for payment for CTSA.
The deadlines for the submission of
returns are tight. If you are interested
in taking advantage of the payment option
please do get in touch so we can look into
the matter for you.
Internet link:
HMRC news |
