[GAZZA B]

Hi Everyone,

just asking, i know you have to put the self assessment in by the 31st  Jan, But when do you need to pay the bill by?
and what penalty would you incur if you don't pay?

gazza

[JandS]

Before the 31st...give it at least 3 days or £100 fine....don't give them any excuse by drawing attention to yourself.

[andyM]

I usually do my payments on account and balancing payments by BACS.
It should go in their bank account same day but it usually takes HMRC 2-3 days in my experience before this shows up online in your tax statement. 

[GAZZA B]

someone told me you can pay 3 weeks later, i take it this is not true?

[andyM]

someone told me you can pay 3 weeks later, i take it this is not true?

I don't believe that's true, but I've always paid it before 31st Jan.
If you're not sure maybe just ring them and ask.

[Mick Kent]

Just paid mine today, ouch

[JandS]

I pay them a direct debit each month which stays in my account then when I submit my return what as accrued is deducted from my bill and topped up by me.
It's very rare I need to  top it up by much.

[Dave Willis]

Have you not done your tax return yet

[DaveG]

I pay them a direct debit each month which stays in my account then when I submit my return what as accrued is deducted from my bill and topped up by me.
It's very rare I need to  top it up by much.

How did you set this up? Thinking about doing this myself for the next financial year.

Cheers

[chris turner]

I pay them a direct debit each month which stays in my account then when I submit my return what as accrued is deducted from my bill and topped up by me.
It's very rare I need to  top it up by much.

How did you set this up? Thinking about doing this myself for the next financial year.

Cheers

In the self assessment dashboard you can set up a direct debit.
I normally submit my tax return at the start of the new tax year so I know how much I have to pay, then set up a direct debit.
Don't have to worry about it then until the next April..

[JandS]

Thanks for replying Chris...been doing it that long this way I couldn't remember how I set it up.
It's basically just like putting something away each month for when the money becomes payable but we all know what happens....this way you can't draw something out of it.

[DaveG]

Cheers lads, much appreciated.

[Stoots]

Tax doesn't have to be taxing

I owe 159 quid for class 2 that I forgot about better get it paid eh

[JandS]

TBH the online tax form is a piece of p if you have all your paperwork to hand and up to date.

[chris turner]

Thanks for replying Chris...been doing it that long this way I couldn't remember how I set it up.
It's basically just like putting something away each month for when the money becomes payable but we all know what happens....this way you can't draw something out of it.

You can withdraw the money if you want .
Until the payment becomes "due" then the money is there to do with as you please. It's like a 0% interest savings account if you like lol.
What I like about it is it's very quick and easy to set up the direct debit and even cancel the direct debit if you want. I often pay some in, cancel the direct debit for a while, then when it's close to payment becoming due I set up another dB to cover what's left.
It's the only good thing about the tax system!

[JandS]

Didn't know you could draw out.

[paulben]

£100 fine if tax return not done and paid by 31 Jan 1 min post midnight will trigger a fine only death in family or serious illness will they make allowances . Could take up to 14 days to set up online tax return too late for paper return .

[Tosh]

Thanks for replying Chris...been doing it that long this way I couldn't remember how I set it up.
It's basically just like putting something away each month for when the money becomes payable but we all know what happens....this way you can't draw something out of it.

You can withdraw the money if you want .
Until the payment becomes "due" then the money is there to do with as you please. It's like a 0% interest savings account if you like lol.
What I like about it is it's very quick and easy to set up the direct debit and even cancel the direct debit if you want. I often pay some in, cancel the direct debit for a while, then when it's close to payment becoming due I set up another dB to cover what's left.
It's the only good thing about the tax system!

Wouldn’t it be better to put it in to savings bonds, least while its sat there you’re in with a chance of winning something. You can still withdraw it and its back in your bank account within 3 working days.

[Dave Willis]

I put mine in the fruit machine whilst in Ladbrookes. Pretty safe in there I reckon.