How to pay your self-assessment tax bill
The tax payment date is coming up on 31 January 2015. On this day the balancing tax payment from last year is due, as well as the first “payment on account” for this year, if one is payable
Tax returns are also due for filing so if yours is outstanding then now is crucial to act!
4.5 million tax returns are reported to still be outstanding just weeks before the deadline!
Your self-assessment tax payment can be made in several ways, as follows:
- Online or telephone banking
- CHAPS transfer
- Debit or credit card online
- In the bank – payslip required
- In the post office – payslip required
- Direct debit – allow 3-5 working days
- BACS transfer – allow 3 days
- By Post – allow 3 days
More information can be found on the HMRC website.
With this choice of payment methods there is no excuse to “not pay” on time, if you have sufficient funds that is.
Struggling to pay
HMRC are more lenient with taxpayers who come forward prior to the tax due date. It is likely that late penalties will not be charged if a structured payment arrangement is in place before the deadline is exceeded. Interest will still be running though so it is always best to pay if possible.
Please contact the team at Figurit if you have any questions at all about the payment of your tax bill or if you are struggling to pay and need to make arrangements with HMRC.
020 7376 9333
– Could you be forced to pay disputed tax up-front?
– TAX: Summary of tax rates for 2015-2016
– TAX: Small Business Rates Relief