With the self assessment tax return filing and payment deadlines approaching on 31st January, 2016 here is a quick note to confirm how to pay self assessment tax that is due.
HM Revenue & Customs (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
Taxpayers who have received a paper statement with a payslip attached can also make a payment at their bank or the Post Office.
For those who haven’t filed their returns before the 31st of December, 2015 no statement or tax return reminder with an attached payslip will be issued.
Such individuals will therefore not be able to pay their tax at a bank or Post Office using an HMRC generated payslip. If they do not want to pay using one of the electronic methods referred to above, the taxpayer can print off a blank HMRC Self Assessment payment slip which can be completed and posted to HMRC with a cheque to cover the tax due.
Funds should to be in HMRC’s bank account by the 31st of January to avoid possible interest or surcharges for late payment.
Further commentary on paying tax to HMRC, and what to do if you need time to pay is here.