It’s that time of year again, when your payment on account must be made with the deadline being the 31st July. There are some important considerations around how to pay your tax bill, with time being the primary one!
We’ve collated the various methods to make your payment on account, which you can download below. Bear in mind though that each method will take time to set up. The fastest method is online, up to five working days for making payment by Direct Debit.
In the same way that it’s advisable to get your Return completed early, so that you know and can prepare for the amount you need to pay, it’s a good idea to get your payment on account set up sooner rather than later. Late payments will always attract interest and penalty charges but remember that this year there is an added complication. HMRC stopped accepting payments by personal credit cards in January 2018.
If you were planning to settle your tax by personal credit card, you must now use an alternate payment method.
If you already know that you’ll struggle to make your payment, don’t ignore the problem! Give HMRC a call on 0300 200 3835 to see if you can make an arrangement to pay in installments. You’ll need to provide:
- Good reasons why you can’t pay.
- A realistic proposal to clear the liability in a reasonable time scale.
- Financials to support your proposal.
Don’t wait until after the due date they’ll be much less accommodating!
As ever, if you have any questions around how to pay your tax bill, do contact us.