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£148m in tax bills to be paid in instalments

 

Newsletter issue – February 2024

As the Self-Assessment Income Tax deadline looms (31 January), HMRC has revealed that many people have opted into a scheme to pay their tax bills in instalments.

Nearly 44,800 people have sorted their tax bills totalling almost £148 million, by setting up a monthly payment plan called Time to Pay. HMRC also revealed 28,794 people used its app this time around to pay more than £42 million in tax owed.

More than 7.7 million people who file Self-AssessmentTax Returns have already filed theirs for the 2022 to 2023 tax year. We hope you're among those who have completed the filing for this year, but if not please get in touch with us as soon as possible to avoid missing the deadline and potentially facing penalties.

The monthly plan to pay in instalments is open to those who owe less than £30,000 and who apply within 60 days of the payment deadline. However, anyone with other payment plans or debts with HMRC is unlikely to be eligible.

There is an affordability checker on the HMRC web pages to guide you further. Interest will be applied to any outstanding balances from 1 February.

 

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Dakins Property Services

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Choice Events Limited

All at Beauchamp Charles are very helpful, approachable and easy to talk to. They keep me informed with key dates; I can feel totally confident that I won't ever miss any deadlines! Whoever I deal with, always deal with matters professionally and efficiently and if they are unavailable they get back to me promptly.

FT leisure Ltd

I have worked with Beauchamp Charles as our management accountants for over 20 years and have never received anything less than exceptional service. Their approach is both professional and personal. Finances and particularly tax strategies are a minefield for small businesses; Beauchamp Charles have in-depth knowledge of these area, which is comforting. They pay very close attention to our business activities and have provided financial strategies that have helped our company develop.

Fredrick Thomas Electrical and Maintenance

We have used Beauchamp Charles since company formation back in 1998. Beauchamp Charles offers us a one to one service as they are small enough to offer this dedicated service and large enough to do the work and offer best advice. They get to know us as individuals and a business, always giving sound advice. Frederick Thomas Electrical are in a stronger place thanks to the service we get from them.

Barnes Walker Landscapes Limited

We are a small business and had employed the same accountancy firm for many years. Two years ago we took the decision to switch to Beauchamp Charles after several othe local businesses recommended them very highly to us. We have not been disappointed with the service they have provided to us over these last two years.