Accounting Blog

Self Assessment – Final Week….

There are just a few days to the 31st January deadline for paying the tax you owe for that year and to make the payment on account for 2010/11. If you’re late you’ll be charged interest and if any of the 2009/10 tax is still outstanding after 28th February, the HMRC will levy a surcharge of 5% of the amount owing.

How late can you leave it?

HMRC are not part of the Faster Payment Service for bank transfers which guarantees payment the same or next day. This means that where you pay tax over the counter at your bank or post office, you need to allow at least three working days ahead of the deadline. 

However, there is a speedier option.

You can use the government’s BillPay system to make a payment online right up to the last minute before the 31st January or 28th February deadlines. The HMRC changed the web address for this at the end of December; it’s now https://www.santanderbillpayment.co.uk/hmrc. All you need is a debit card and your ten digit tax reference (you can find this on any Self Assessment tax demand or statement). You can also use a credit card to pay, however, there is a handling charge, usually 1.25% of the amount.

If anyone needs any last minute assistance please feel free to contact us.

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