TTP is an informal agreement between you (the taxpayer) and HMRC in situations where the self-assessment bill can’t be paid in full by the deadline. It is a method that allows you to spread payments over a longer period of time.
TTP arrangements are agreed upon on a case-by-case basis and are dependent on your financial circumstances. HMRC will require your income and household expenses to determine the payment levels.
If you are looking to set up an arrangement, please contact HMRC as soon as possible via telephone. You may qualify to set up a payment plan online if your tax returns are up to date.
If you owe £30,000 or less and have no other payment plans with HMRC, the deadline for setting up a TPP arrangement is a maximum of 60 days after the initial deadline.
Individuals and businesses that owe more than £30,000 can still set up a TTP arrangement but will need to call HMRC.
Before contacting HMRC, please review the link below for the information which HMRC may require to set up your TTP arrangement.
If Bush & Co is your registered agent, we may be able to help with this process, please contact us for more information by calling 01392 432525 or emailing email@example.com