How to Pay Your Tax Bill – TaxBack

from the blog.

How to Pay Your Tax Bill

How to Pay Your Tax Bill

When it comes to UK tax returns and student tax refunds, many things can be confusing. You will have many questions; Am I doing it right, will I get penalized, etc. Well not to worry our guide below has you covered as we discuss how to pay your tax bill.

How to Pay Your Tax Bill

When it comes to paying your tax bill, HMRC accepts most payment methods. For many today the easiest is paying online by card. The snag here is that you can only use a debit card. You could pay through a direct debit or through a direct bank transfer. A little more old-fashioned way is paying by cheque at post, or at your bank or building society; in which case you need to remember to bring a paying-in slip from HMRC.

Related Post: Do Working Students Have To Pay Tax

What You Need to Remember:

When submitting UK tax returns when you are ready to pay your tax bill, have your UTR number ready. Payments can take from 1 to 5 working days to reach HMRC, it may not be real time. Be aware that if the payment deadline falls on a bank holiday or a weekend, your payment needs to reach HMRC before that. If not, you will be fined.

What if I Cannot Pay My Tax Bill on Time?

If for some reason, you could not pay your tax bill on time, immediately contact HMRC. HMRC will take into consideration the reason you are struggling to pay the amount you owe. They will tell you an amount you could pay at the moment. And you will be able to arrange a payment plan for paying the rest of your tax bill. This is especially important if you are dealing with student tax refunds.

Related Post: How Do You Claim UK Tax Back?

Related Posts

Important Dates In The UK Financial Year – Key 2020 UK Tax Dates

The UK Tax Year 2019-2020 - Dates to Remember to Avoid Penalties UPDATED: 2nd April 2020 The UK Tax Year runs from 6 April to 5 April of the next year. Within this period, all of your income, whether earned or...

6 ROI’s To Spend Your 2020 Tax Refund On

Got a Tax Refund due in 2020? Here's 6 ways to spend it wisely and maybe even make more money. Are you expecting a tax refund in 2020? Although you deserve to spend it any way you want, you might...

How do I know if I have to file a UK Self Assessment tax return?

How do I know if I don't have to file a UK Self Assessment tax return? When dealing with Paye tax refund, or self-assessment tax return, you need to be on the ball and act quickly. Delays usually mean fines...

Translate »