Everfair Tax : Surrey (Weybridge) Office

Suite 6, The Monument Building, 45-47 Monument Hill, Weybridge, Surrey, KT13 8RN  
Tel:  01932 320 800
 

Email: info@everfairtax.co.uk

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The self-assessment payment for the tax year ending April 2017 is due by the 31st January 2018 along with the first payment on account for the year to 5 April 2018 if required. Helpfully, on the 13th January 2018, the option of paying your tax bill to HMRC using a personal credit card ends. It is also no longer possible to pay HMRC tax payments via the post office.

 

With regular changes like these being made, so that you cannot get caught out, Everfair Tax has compiled a summary to show the current alternative ways to pay.

How will you pay your tax bill?

Cheque in the post Cheques sent by post should be addressed to the address below and you do not need to have a street name, city name or PO Box with this address. HMRC Direct BX5 5BD

 

Should you have a reply envelope showing a different address (HMRC, Bradford BD98 1YY), this may still be used to post your cheque.

 

Cheques should be made payable to ‘HM Revenue and Customs only’ followed by your Unique Taxpayer Reference number. Include the paying-in slip from HMRC if you have one and if you no longer get paper statements you may print a self-assessment payment slip via the HMRC website. However, this printed paying in slip may not be used at a bank. You should not fold the paying-in slip or cheque, or fasten them together.

 

Payment by Direct Debit You can set up a single direct debit to pay your account in full for the 31st January. This may be set up via your HMRC online account and a new single payment will need to be set up each time you want to pay by direct debit.

 

A separate direct debit will need to be set up before the 31st July if you need to make an on account payment.

 

You will need to use your 11-character payment reference, and you should allow 5 working days to process the Direct Debit the first time you set one up. For subsequent direct debits it should only take 3 working days, providing you use the same bank details. When paying by direct debit, the payment must reach HMRC on the last working day before the deadline, should it fall on a weekend or bank holiday.

 

Payment via a budget plan It is possible to set up a regular budget payment plan to pay your tax bill in advance of it being due. This may therefore perhaps not be so helpful for any amount due on 31 January but should be kept in mind for future payments.

 

With this you are able to choose how much to pay each week or month and may stop paying for up to 6 months if required. However to do this you must be up to date with your previous Self-Assessment payments. To set this up you will use your HMRC online account. Go the direct debit section and chose the budget payment option when you fill in the direct debit form.

 

Should your payments not be sufficient to pay your tax bill in full, you will need to pay the difference by the payment deadline. Payment via your bank or building society You are only able to use this method of payment if you still receive paper statements from HMRC and have the paying-in slip they sent you. You may pay by either cash or cheque, and all cheques should be made out to ‘HM Revenue and Customs only’ followed by your reference number.

The self-assessment payment for the tax year ending April 2017 is due by the 31st January 2018 along with the first payment on account for the year to 5 April 2018 if required. Helpfully, on the 13th January 2018, the option of paying your tax bill to HMRC using a personal credit card ends. It is also no longer possible to pay HMRC tax payments via the post office.

 

With regular changes like these being made, so that you cannot get caught out, Everfair Tax has compiled a summary to show the current alternative ways to pay.

 

To avoid any penalties or interest, you must ensure that you pay HMRC by the deadline and it is important to remember that the time you need to do this differs, depending on how you pay.

 

Payments will generally be received by HMRC on the same day or next working day if you use online or telephone banking, CHAPS, debit cards, or pay at your bank or building society.

 

However, you will need to pay at least three days in advance if you are paying by BACS or direct debit – providing you have set one up before. If you need to set up your direct debit for the first time, you will need to pay at least five days in advance to ensure that the payment is set up in time.

 

When paying by cheque you will need to allow up to three working days for a cheque to clear from when it is received by HMRC so make sure you allow enough time for the post to be received and the cheque to clear!

 

Payment by debit card online Despite the option to pay be credit card being ceased, you are still able to pay online with a debit card.

 

You will need your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’ as your payment reference, and this may be found either in your HMRC online account or on your paying in slip if you still receive paper statements.

 

Your payment will be counted from the date you make it rather than the date it reaches the HMRC account and this includes weekends and bank holidays. However you are limited to one use of a debit card to pay for the same tax.

 

You may use multiple payments for different taxes such as Corporation Tax or employers PAYE, but if you cannot pay your self-assessment tax in one go, you will need to find an alternative payment method. Payment over the phone

 

You are able to pay your self-assessment Tax using the HMRC Self-Assessment Payment Line. To do this you will be asked for your 11-character payment reference and this is your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’. This method is also referred to as a payment by Faster Payments, which includes online or telephone banking. Payment will usually reach the HMRC on the same or next day, including weekends and bank holidays, but payments from overseas may take longer.

 

The phone number for the HMRC Self-Assessment Payment Line is 0300 200 3402.

Payment via Bank transfer online, CHAPS or Bacs Payments may be made from your bank account using Faster Payments, CHAPS or Bacs and the account details to use are as follows: