It’s nearly time for self-assessment.
In addition to filing your tax return, you also need to make sure that payment for any personal tax due is received by HM Revenue and Customs (HMRC) by the deadline.
You’ll be charged interest and may have to pay a penalty if your payment is late.
For All Payments
To avoid any delays to your payment use your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’ as your payment reference.
You’ll find your UTR number in your HMRC online account or on your paying-in slip if you get paper statements.
If you’ve lost your UTR number contact HMRC directly. Call their helpline on 0300 200 3310, or alternatively, speak to your local tax office.
K.A.Farr & Co clients are welcome to contact our office to obtain their unique tax reference.
It’s very easy to pay online
You’ll find step-by-step instructions on how to pay self assessment tax, and all you’ll need is your UTR number.
If you don’t want to pay through the website, there are other ways to pay your self-assessment tax bill.
Just remember, the amount of time you’ll need depends on how you intend to pay.
You can transfer funds from your bank account online, over the telephone or using your banking app. There are three types of transfer you can use:
- Faster Payments – Same or next day (including weekends and bank holidays)
- CHAPS – Same or next day so long as you pay within your bank’s processing times
- BACS – Usually takes 3 working days
Your bill will tell you which account to pay into.
If you don’t have a bill (or if you’re not sure), make your payment to HMRC Cumbernauld.
HMRC Bank Account Details
|Account Name||Sort Code||Account Number|
|HMRC Cumbernauld||08 32 10||12001039|
|HMRC Shipley||08 32 10||12001020|
Debit or corporate credit card
You can pay self assessment tax due to HMRC online using your debit card or business credit card.
HMRC will accept your payment on the day you make it, not the day it reaches their account. This includes bank holidays and weekends.
Personal credit cards or payments at the post office are no longer accepted.
Non-refundable fees are charged for any payment made with a corporate credit card
At your bank or building society
You can pay by cash or cheque over the counter providing:
- You still get paper statements from HMRC
- You have the paying-in slip sent by HMRC
If you make your payment on a weekday, HMRC will accept it that same day, not when it reaches their account.
You can set up a Direct Debit to make a single payment for the 31st of January.
You’ll need to set up single payments each time you want to pay by Direct Debit.
The first time you set up a Direct Debit it will take 5 working days to process. The next single payment will only take 3 working days to process providing you’re using the same account details.
Should you wish to make an advance payment of half your previous year’s tax bill (payment on account) you need to set up another single payment before the 31st of July.
Cheque in the post
You can send a cheque to HMRC, but it will take a minimum of 3 workings days to clear when they receive it. Factor in the time it will take to post to avoid missing the payment deadline and accruing interest or a penalty.
Make the cheque payable to ‘HM Revenue and Customs only’ followed by your UTR number with the letter ‘K’ at the end.
If you’re still receiving paper statements, you’ll also need to include the paying-in slip HMRC sent you. If you’ve lost it, you can print a slip here to pay by post. This cannot be used at a bank.
Send your cheque to the following address…
You do not need to include a street name, city name or PO box with this address.
If you have a reply envelope for ‘HMRC, Bradford, BD98 1YY’ you can still use this to post your cheque.
Help with personal tax
If you need some help with self-assessment, KA Farr & Co are tax experts that offer a specialist personal taxation service for individuals on all tax-related matters.
Get in contact to relieve your self-assessment headaches with practical advice on your own personal tax position.