How to pay your self assessment tax in January 2010

15 December 2009

The 31st January 2010 is the deadline for paying any tax owed from 2008-9 and your first payment on account for 2009-10. Make sure this is paid on time to avoid any late penalties and interest.An automatic 5% surcharge will apply if you pay more than 28 days late.

There are a number of ways you can now ensure that your tax is paid on time. Facilities available include direct debits, budget payment plan, internet banking, BillPay, Bank Giro, Post Office payment and lastly but not recommended by us, cheque in the post.

You will have received a payment reminder during the year from HMRC with a pay slip at the bottom. This will let you know which accounts office you need to pay and their bank account details . There are two accounts offices and it is important to get the correct one to avoid delays in processing your payment.

Use these bank account details to pay by internet banking using your unique tax reference (UTR) as the reference for the payment. Again, this is important to ensure that HMRC can trace the payment to you.

You can also take the payment slip to your own branch of your bank or a post office. If using your own branch of your bank, cheques need to be made payable to “HM Revenue & Customs only” with your pay slip reference after “HM Revenue & Customs only”.

If paying at a post office, cheques must be made payable to “Post Office Ltd.”

Electronic payments are a secure and efficient way of paying your tax bill. We would not recommend that you put a cheque in the post.

Take Care: HMRC changed their bank accounts in April 2009 so, if making payment on line, please check that you have the correct bank details!!

Further information on how to pay can be found on the HMRC website here