For taxpayers whose affairs are within the self-assessment tax regime, there are two very important dates for settling tax liabilities. These are 31 January and 31 July.
There are many ways to settle your liability directly with HMRC and you should always ensure that your ten digit Unique Taxpayer Reference (UTR) number, followed by the letter K, is included when making payment. Below is a summary of some of the ways that you can settle your tax liability.
HMRC have also recently issued a link to their YouTube channel which includes a short video on “How do I pay my self-assessment bill?”. Please click here to view this. The video also goes into detail about time to pay arrangements and budget plans which some taxpayers may find invaluable in the current economic climate.
If this article has raised any questions or you would like to discuss your tax affairs then please complete our contact form or call 0131 225 1200.
Murray Beith Murray was established in 1849, as advisors for generations of clients, committed to our values of integrity, expertise and trust. This aim and these values continue to this day as does our commitment to be here when you need us.