I owe the taxman

stphnstevey

I have just submitted my Self assessment and I owe the Tax man about £200 - when and how do I have to pay this by?

jem16

As far as I'm aware by the end of this month. You can pay be cheque or straight to HMRC via bank transfer.

It's too late for it to be taken through next year's tax code.

stphnstevey

Why is it too late? I got the tax return by their deadline?

Mikeyorks

The whole range of (SA) options, for you :-

http://www.hmrc.gov.uk/howtopay/self_assessment.htm

.... assuming the whole £200 is a 'balancing payment' (ie no POA2 due 31.7.08) ..... it's due by 31st of this month

Mikeyorks

stphnstevey wrote: »

Why is it too late? I got the tax return by their deadline?

There's a whole range of deadlines. The latest to have up to £2k coded out is 30th Dec (if submitted online). The 31st Jan is merely the final deadline to avoid the automatic fine.

stphnstevey

This was not made clear when you look up deadlines

jem16

Seems pretty clear from these key dates.

http://www.hmrc.gov.uk/sa/keydates/keydates.htm

stphnstevey

I'll rephrase - This was not clear, when your busy and only have a little time to look at these matters, when you look up the deadlines and don't scroll down!

Can I make it close to the deadline - just want to keep as much interest in my pocket!

red_bertie

My OH and me submit our assessment forms once a year [e.g. around May 07] and based on this, we pay two [usual equal] payments. 1st payment is due on 31 July 07 and the 2nd payment on 31st January 08. Then it all starts over :eek: . Hope this helps.

RB

jem16

stphnstevey wrote: »

I'll rephrase - This was not clear, when your busy and only have a little time to look at these matters, when you look up the deadlines and don't scroll down!

Now you know and won't have to spend any time.

Can I make it close to the deadline - just want to keep as much interest in my pocket!

I expect you can leave it until 31st January and pay be debit card as long as nothing goes wrong.

jimmo

If I've done my sums right then interest on £200 at 6% is about 2.63 pence per day, after tax.I think I would give up 5 or 10 pence to be sure not to face a fixed penalty of £100.00