Just submitted my Tax Return on the 31st of Jan, though when should I pay my bill?

icicat

Hey guys, I've just submitted my return, yes I know very late so when it comes to paying the tax bill would I need to wait 72 hours for it to clear on the system? In my Personal Tax Account page it says under 'Your Balance' that no tax is due at the moment. Would I need to wait until the balance shows up here? Thanks

[Deleted User]

icicat said:

Hey guys, I've just submitted my return, yes I know very late so when it comes to paying the tax bill would I need to wait 72 hours for it to clear on the system? In my Personal Tax Account page it says under 'Your Balance' that no tax is due at the moment. Would I need to wait until the balance shows up here? Thanks

What does your calculation show?

icicat

Hi Purdyoaten, it showed the amount due (about 2.5k) plus First payment on account for 2021-22 (around £1.3k) so total amount to be paid by Jan 31st is around 3.8k. Though as I've just submitted my return, I'm not sure if I need to wait until it's all logged in and the balance shows up. Also there are no fines for late payments so not sure if I should just wait until it's cleared within the 72 hours? Or does that not matter?

[Deleted User]

Interest will be charged at 2.8ish % per annum. Presumably you made no payments on account in January and July 2021?

icicat

Ah I hope not or best I pay tonight I think I read interest will be charged after 1st of Feb this year? Though need to check again.

I've not made any payments so far for last tax year (this return) only paid my bill for 2019-2020 last January.

[Deleted User]

icicat said:

Ah I hope not or best I pay tonight I think I read interest will be charged after 1st of Feb this year? Though need to check again.

I've not made any payments so far for last tax year (this return) only paid my bill for 2019-2020 last January.

1st February is tomorrow 🤔

Dazed_and_C0nfused

When you come to do next year's return your calculation will not include the POA you are about to make (or the one due in July 2022).

That is the time filing a few days earlier and viewing your account will be particularly helpful

icicat

I should add I earnt under 1k for 2020 tax year, so it didn't ask me to pay any tax for the 2021 tax year. This is the first time it's asked me to pay for this tax year before even completing the return. Was a bit of a shock :-O

[Deleted User]

You can reduce your payments on account if very confident that your tax liability for 2021/22 will be lower.

icicat

Sorry I meant 28 Feb for the extended deadline lol! I think I worked it out and it's actually about the same or more. Though if my payment on account ends up being too much and I have earned less then I can still deducted that from the year after. I'm slowly learning how this all works. It's a shame it doesn't automatically deduct any payment on account in your final calculation.

So guys, I desperately need to know shall I pay now before midnight or do I need to wait until I receive a bill? Reading over the website it says..

You’ll get a bill when you’ve filed your tax return. If you filed online you can view this:

• when you’ve finished filling in your return (but before you submit it) - in the section ‘View your calculation’
• in your final tax calculation - it can take up to 72 hours after you’ve submitted your return for this to be available in your account

So does the bill need to show up in my account for me to pay it?

[Deleted User]

No it doesn’t - you can pay now! You seem to have a good understanding of how payments on account work.