Tax payment time again

As all our self-assessment readers will be aware, 31 January is the date by which any arrears of tax for 2017-18 need to be settled, together with a payment on account for 2018-19, if one is due.

Those who have completed their tax returns for 2017-18 should be aware what these liabilities amount to and any clients reading this article who are unsure what they should be paying, please call so that we can advise in good time.

If you have cash problems and are unable to clear tax due on the 31 January, you can approach HMRC for extended terms. Call:

Business Payment Support Service – 0300 200 3835, or

Self Assessment Payment Helpline – 0300 200 3822

If you miss the payment deadline and receive a letter or bill threatening legal action, call the HMRC office that sent you the letter.

Before you call be sure to estimate how much you can pay on account and you will normally need to clear any balance before any future payments on account become due (ordinarily this would be before 31 July 2019 when the second payment on account for 2018-19 falls due).

And don’t forget, HMRC will charge interest on tax paid late and penalties so make your call before the 31st January 2019 to minimise these costs.

Latest Blog
13
Jun

The real tax cost of benefits in kind

There is a sting in the tail for companies that provide their directors or employees ...

Read More
11
Jun

E-bike cycle to work scheme announced

Readers who have been tempted to cycle to work but are challenged by fitness issues o...

Read More
06
Jun

Did you know income rates can be as high as 60 percent?

Most of us know that income tax is charged at three main rates: 20%, 40% and 45%. Unf...

Read More
05
Jun

Tax Diary June/July 2019

1 June 2019 – Due date for Corporation Tax due for the year ended 31 August 201...

Read More

CONTACT SIMON COOPER