When do I need to pay my self assessment tax by?

duffydeclan

Hi,
I have just completed and returned my tax self assessment online for a property which I rent out. Turns out I owe money because my employer hasn't been automatically paying my student loan from my earnings as I had thought.

Can someone advise me what my options are for paying this? It says that I need to pay by Jan 31st but I simply do not have the funds to do this. Is there a fine for late payment? Can I set up a monthly DD? I selected when completing the form that any payments could be taken in tax in the following year. Does this I don't need to do anything and the amount will gradually be taken in extra payments in the next year?

Confused to say the least!

Thanks in advance,
D

nomunnofun

Tax is due by 31st January 2013 - interest will be added to late payment although it is not exactly penal and certainly cheaper than incurring bank charges.

However HMRC will levy 5% surcharge on the amount still outstanding at 28th February. They will also keep chasing you unless you come to some arrangement as, theses days, HMRC expect to be treated like anyone else who is owed money.

However, I note the latter part of your post and presume that you filed before 30th December 2012. I noticed the option to have underpayment collected during next tax year and, if you chose that, would expect it to take place. Perhaps you should check your tax position and account balance by looging in to your account?

duffydeclan

Hi,
Thanks for the quick reply. I hadn't completed the return by 31st Dec - I only completed it today. Does this make a difference? Where can I see my tax position and account balance? Does it take a certain length of time after my submission before I can view this?

Thanks,
D

nomunnofun

That is interesting as, for the last return that I filed before Christmas, it did state 30th December to avail of this option and, therefore, I do not understand why you also had that choice.

Your account position should be avialable to view after a day or so.

duffydeclan

Thank you - I'll leave it for a couple of days and then let you know the outcome.