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Time to pay - one annoying week late!

Updated: Jun 15, 2023

The thing with recording a CPD tax podcast for accountants is the normal linear rules of time still apply. Which, unless you possess your very own flux capacitor, which to be honest none of us do, you cannot go back in time.


The recent general VAT update was recorded a few days before HMRC tweaked their time to pay VAT rules. On that podcast we covered, you guessed it, the time to pay rules.


It is not the world's most earth shattering change but could well affect the smaller client. Here is that big news:


You can set up your own time to pay VAT payment plan online i.e. no need to ring up and speak to a real person. That might be good or bad and here are HMRC's key conditions / change:

  • have filed your latest tax return

  • owe £20,000 or less

  • are within 2


8 days of the payment deadline

  • do not have any other payment plans or debts with HMRC

  • plan to pay your debt off within the next 6 months

You cannot set up a VAT payment plan online if you’re in the Cash Accounting Scheme, Annual Accounting Scheme, or you make payments on account.


So as you can see some cli


ents will meet these criteria, but others will not.


Full details of HMRC's time to pay arrangements are here https://www.gov.uk/difficulties-paying-hmrc/pay-in-instalments


10.6.23


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