Time to Pay Self Assessment. I cannot pay my self assessment on time. What do I do?
I cannot pay my self assessment on time. What do I do?
Getting your tax return prepared and submitted on time is a whole task in itself. Then you need to find the cash to pay the bill. If you find you are unable to pay what is due straight away then you should not panic or stress. There are options available to you.
1. If you cannot pay a Self Assessment tax bill you can make your own Time to Pay arrangement using your Government Gateway account, if you:
a. have filed your latest tax return
b. owe less than £30,000 c. are within 60 days of the payment deadline
d. plan to pay your debt off within the next 12 months or less
Your government gateway can be accessed here
2. Call the Self Assessment helpline if you cannot make your own Time to Pay Arrangement online, for example you owe more than £30,000 or need longer to pay.
Self Assessment Payment Helpline Telephone: 0300 200 3822 Monday to Friday, 8am to 6pm (excluding public holidays)
Remember that HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and pay any tax due. More on that can be found here.
Shaw Austin are a firm of Chartered Accountants based in Chester supporting independent business throughout the UK. We take the headache out of business accounting and taxation by providing our clients with a personal service.