Hi
As the self-assessment tax return filing and payment deadline approaches, this note is to help you understand the different ways you can pay your self-assessment tax due on 31 January 2016.
HMRC recommends that taxpayers pay electronically by:
- Debit or credit card online
- Direct debit
- Bacs Direct Credit, Faster Payments by internet/telephone banking or CHAPS
If you have received a paper statement with a payslip attached you can also make payment
at your bank or the Post Office.
See TAXtools 3: Paying tax to HMRC for more details.
Once again HMRC will not be issuing paper tax return reminders to represented taxpayers.
For those who haven’t filed their returns before 31 December no statement or reminder with attached payslip will be issued and you will not, therefore, be able to pay your tax at a bank or Post Office using an HMRC generated payslip. If you do not want to pay using one of the methods referred to above, you can print off a blank payslip HMRC Self Assessment payment slip which can be completed and posted to HMRC with a cheque to cover the tax due.
If you aren’t able to pay your tax bill in full, you need to contact HMRC in advance of the 31 January deadline and discuss getting more time to pay or if you want you can instruct us to do this for you. HMRC will ask for various details and evidence If you can't pay your tax bill on time - GOV.UK before it will consider the case, so make sure this information is all to hand before contacting HMRC.
Finally, funds need to be in HMRC’s bank account by 31 January to avoid any possible interest or surcharges for late
payment.
Noel Guilford
Noel Guilford is the principal of Guilford Accounting a small business accountancy practice specialising in advising owner-managed businesses on current accounting, finance, and
tax matters. You can reach him via email at noel@guilfordaccounting.co.uk or by phone at 01244 660866. He is the author of the best selling book 'Figure it out - an entrepreneurs guide to understanding your business numbers' which you can obtain by visiting http://guilfordaccounting.co.uk/figureit out.
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