Member Article

Paying HMRC

We know you don’t want to but it’s that time of year when you need to pay your self-assessment tax.

In this article we provide you with a breakdown of the various payment methods available:

A mix of saving stationery costs and a generic belief that everyone now has internet access and uses online or telephone banking, leads to the fact that the majority of HMRC’s methods on how to pay your self-assessment tax bill are now internet-based. Those traditionalists who pay their tax by writing a cheque and sending it through the post, or taking the cheque to a bank, building society or post office slip will need a payment slip to accompany their payment.

This year HMRC has not sent out reminder letters to individuals that include a pay-in slip. However you can print a personalised payslip from the GOV.UK website, but that payslip can only be used with cheques sent through the post to HMRC Collector of Taxes in Bradford. In any case it is now technically too late for a cheque to arrive by 31 January, as HMRC says it takes three working days for a cheque to reach them and be processed. Where you have a debit card, you can use that card at a Post Office to pay the tax due, but a payment slip is still needed. However, the payment must be made by close of business on Friday 30 January 2015 to count as being received by HMRC by 31 January 2015. Also the maximum payment that can be made through the Post Office in one transaction is £10,000. A debit or credit card can be used to pay HMRC directly, though the internet or by telephone, but there is a 1.4% charge for using a credit card. To pay by debit card you need to have the funds required in the bank account attached to your card. The bank may also set a daily limit on the amount that can be paid using a debit card, on via online or telephone banking. Finally you can pay HMRC over the phone by calling 0300 200 3402. This number is not advertised anywhere on the GOV.UK website.

Enjoy paying!

This was posted in Bdaily's Members' News section by Robson Laidler LLP .