Managed Payment Plans
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:
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:
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
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