- Written by George Peach
As you are aware the self-assessment deadline of 31 of January 2018 is fast approaching, here are five ways to pay before the deadline to ensure you avoid any unnecessary penalties.
Listed below are the methods you can use to pay your tax liability.
By debit or credit card or by BACS
If you wish to pay via debit or credit card online or over the phone you will need your 10-digit unique taxpayer reference (UTR) followed by the letter ‘K’. This will be on your tax return and computation.
It is important to note HMRC will no longer accept payments from personal credit cards, so if you are paying with a credit card ensure it is a business account.
The debit or credit card link is as follows (you will incur a fee if you pay by credit card):
Alternatively, you can pay by BACS as follows (assuming your account is UK based)
Sort Code Account Number Account Name
083210 12001039 HMRC Cumbernauld
083210 12001020 HMRC Shipley
Your bill should advise you which account to use, but if you are unsure, use HMRC Cumbernauld.
At your bank or building society
You can only pay at your branch by cash or cheque if you both:
· still get paper statements from HM Revenue and Customs (HMRC)
· have the paying-in slip HMRC sent you
Make your cheque payable to ‘HM Revenue and Customs only’ followed by your reference number - this is your Unique Taxpayer Reference (UTR). Followed by the letter ‘K’. You’ll find it on your paying-in slip.
If you wish to pay via Direct Debit you will need to set up a Direct Debit through your HM Revenue and Customs (HMRC) online account to make single payments for 31 January. If you will need to make a payment on account, then you will also need to set up another debit before 31st July.
You’ll also need to use your 11-character payment reference. This is your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’.
Please Allow 5 working days to process a Direct Debit the first time you set one up. It should take 3 working days the next time if you’re using the same bank details.
By cheque through the post
You can send a cheque by post to HM Revenue and Customs (HMRC).