Have you paid your tax?

Have you paid your tax?

There’s only a few days left before the 31st January tax return deadline. If you haven’t yet paid your tax here is an easy guide to paying HMRC.

Direct Debit.
 
Paying HMRC by Direct Debit is a hassle free method, as  your tax payment will be taken automatically from your bank account.

However it can take up to 5 days to set up a Direct Debit with your bank, so it’ not ideal for last minute payments.

Online or Telephone Banking

You can also pay HMRC via your online banking. You will need to have your HMRC payslip which will have your payment reference number to quote.

Online banking payments can take 3 workings days to clear, so they’re a faster option than Direct Debits.

The bank details for HMRC can be found here: https://www.gov.uk/pay-self-assessment-tax-bill/bank-details

Debit or Credit Card

You can make a payment online via the HMRC website using a debit or credit card.

HMRC will accept your tax payment on the same (or next) day, so it’s a faster option than either Direct Debit or Online Banking.

https://www.gov.uk/pay-self-assessment-tax-bill/by-debit-or-credit-card-online

At the Post Office

You can also make a payment at The Post Office. However you will need a paper statement, and the payment must be less than £10,000. You can use a debit card (no credit cards), cash or a cheque made payable to ‘Post Office Ltd’.  HMRC acknowledge the payment as having being received the same day you make it (weekday only).

At your Bank

You can make a payment at your bank, but you will need your paper statement (if you still opt to receive these). You can pay by cash, or a cheque made payable to HMRC.

If you need any assistance please give our Accountants in Weston-super-Mare a call on 01934 444100.