Missed 31st deadline

MoneyTreeMe

hi... I submitted my online tax return on 30th jan... still waiting for payments to show in my HMRC account... it looks like I will miss the 31st payment deadline ... I know HMRC has extended deadline to end of feb, but I think ill still have to pay interest on the late payment?? around 35k tax is due and a 16k balancing payment.. how much interest / fees / penalties will I have to pay on top of this if I pay by 5th feb??

[Deleted User]

There have been many queries on this lately - two threads yesterday.There are no fines and never has been fines on tax payments made after the 31st January since the onset of self-assessment. There is a  5% surcharge on the balancing payment of £16k that you mentioned IF it remains unpaid at 28th February. Interest is accruing though at the rate of 2.6% per annum. On 51k, that is about £3.50 per day. There is no reason that you should not pay it now even if not yet showing on your account.

https://forums.moneysavingexpert.com/discussion/6236928/tax-payment-deadline#latest

Dazed_and_C0nfused

There is nothing whatsoever preventing you from making a payment.

If unsure what to pay make a best estimate and that at least mitigates the interest that would be charged.

MoneyTreeMe

purdyoaten2 said:

There have been many queries on this lately - two threads yesterday.There are no fines and never has been fines on tax payments made after the 31st January since the onset of self-assessment. There is a  5% surcharge on the balancing payment of £16k that you mentioned IF it remains unpaid at 28th February. Interest is accruing though at the rate of 2.6% per annum. On 51k, that is about £3.50 per day. There is no reason that you should not pay it now even if not yet showing on your account.

https://forums.moneysavingexpert.com/discussion/6236928/tax-payment-deadline#latest

Dazed_and_C0nfused said:

There is nothing whatsoever preventing you from making a payment.

If unsure what to pay make a best estimate and that at least mitigates the interest that would be charged.

Ok I didn't know I could pay before they process it? it can take up to 72 hours for the payments owed to show in my online account.  are you suggesting to pay now before they show? if so, which payment method would be the fastest? I can choose 3 methods, direct debit, bank transfer, or debit card payment.

is it possible to drip feed the payments? i.e. make one 50k payment now then pay the rest when the exact amounts show within 72 hours? thanks.

[Deleted User]

Here is the link (might take a couple of attempts) - on the third page don’t sign into your account - it’s quicker. Your reference is your UTR. Your suggestion is a good one.

https://www.tax.service.gov.uk/pay

MoneyTreeMe

purdyoaten2 said:

Here is the link (might take a couple of attempts) - on the third page don’t sign into your account - it’s quicker. Your reference is your UTR. Your suggestion is a good one.

https://www.tax.service.gov.uk/pay

ok, my plan is to pay by debit card as this website says HMRC will accept debit card tax payments on the date they are made, not the date they reach hmrc's account.  whereas if I pay by bank transfer, it might take a few days and so I'll miss the deadline

https://www.freeagent.com/guides/self-assessment/jan-self-assessment-payment-times 


is this right?

comeandgo

I do bank transfers and they are taken as payments that day.

MoneyTreeMe

comeandgo said:

I do bank transfers and they are taken as payments that day.

I know faster payments usually reach the same day.

here it says HMRC accepts debit card payments on the date they are made, not received by them.

so if I pay the tax by debit card today, will this mean I won't actually miss the tax deadline?

https://www.gov.uk/guidance/pay-taxes-penalties-and-enquiry-settlements#debit-card 

[Deleted User]

Never used that method - I have no idea what the 14 or 15 digit reference beginning with an ‘X’ is 

Grumpy_chap

Presumably, if the OP's income tax bill is £35k plus £16k PoA, the OP will have an Accountant...

lr1277

MoneyTreeMe said:

purdyoaten2 said:

Here is the link (might take a couple of attempts) - on the third page don’t sign into your account - it’s quicker. Your reference is your UTR. Your suggestion is a good one.

https://www.tax.service.gov.uk/pay

ok, my plan is to pay by debit card as this website says HMRC will accept debit card tax payments on the date they are made, not the date they reach hmrc's account.  whereas if I pay by bank transfer, it might take a few days and so I'll miss the deadline

https://www.freeagent.com/guides/self-assessment/jan-self-assessment-payment-times 


is this right?

I haven’t read the article but I have made payments by debit card for over 10 years. I have never had penalties or fines. I once paid about 30-60 mins before midnight and it was fine.