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.
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