COULD YOUR SELF-ASSESSMENT TAX BILL SOON BE PAID MONTHLY?
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According to Which? News, the UK government has announced a proposal to allow self‑assessment taxpayers to pay their UK tax bills on a monthly basis, rather than the traditional single annual payment. The move, if accepted, would change the way millions of people handle their tax obligations across the country.
HMRC estimates that around 2.1 million of the approximately 12 million self‑assessment taxpayers would be affected by the new payment option. The proposal is intended to provide a more flexible repayment schedule for those who might find the lump‑sum payment at the end of the tax year difficult to manage.
Self‑assessment is a key revenue stream for the Treasury and is used by freelancers, small‑business owners and other self‑employed individuals. A shift to monthly payments would represent a significant operational change for both taxpayers and the HMRC administration.
- Government proposes monthly self‑assessment tax payments.
- HMRC estimates about 2.1 million taxpayers would be affected.
- The change aims to provide a more flexible payment schedule.
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