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.
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- By online or telephone banking
Arrange for the payment to be transferred to Sort Code 08-32-10, account number 12001039, using your UTR and the letter K at the end as the reference. - By debit card over the internet
This is through the Government website at the following address www.tax.service.gov.uk/pay-online using your UTR and the letter K at the end as the reference. - By cheque
This should be made payable to 'HM Revenue and Customs Only – UTR and the letter K' and be sent to: HM Revenue & Customs, Direct, BX5 5BD.
- By online or telephone banking
Further information
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.
Personal Tax Advice, Edinburgh
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.
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