We are now nearing the end of July, and so it’s nearly time for many of you to pay your 31st July personal tax bill.
If you don’t have a payslip from HMRC to hand, then you can find details of how to pay here:
A couple of notes on your personal tax payments:
1. If you are the director/shareholder of a Limited Company, you should pay this tax bill from a personal account – otherwise, this is a drawing from the company (we often find clients surprised by their level of drawings, as they tend not to class this payment as a “drawing”).
2. Are you struggling to gather the funds to pay this bill? You will notice if you followed the above link that it is possible to arrange a payment plan with HMRC.
I would, however, note that technically the payment due on the 31st July 2017 is a payment towards your tax liability for the year from 6th April 2016 – 5th April 2017, which is due in full on the 31st January 2018. The long and short of this is that there are no strict penalties for missing the 31st July payment (although HMRC will charge interest on any late payments).
Now, as HMRC will also factor in late payment interest into any payment plan agreed with them, and HMRC do not like arranging payment plans more than once – it may be worth paying off what you can, when you can (as long as the full tax liability, which you will get with your 2016/17 tax return, is paid by the 31st January 2018).
Alternatively, external funding options are available which we can help you with.
I hope that this straightens out any major questions you have with your tax bill. If you would like to find out more about our business advisory services, please get in touch on 01872 300232 or email hello@hivebusiness.co.uk.
