It’s time to pay your tax bill
It’s time to pay your tax bill
Depending on your preferred payment method it is better to pay your tax bill sooner rather than later to avoid any unintentional late payments

Have you paid your tax bill yet? Although HMRC has extended the deadline from 31st January 2022 to 28th February 2022 we still recommend you aim to pay your bill by the end of January.

Here is information with regards to paying your tax bill and options.

The payment options are as follows;

  • Faster Payment – via online or telephone banking
  • Debit card
  • At a bank or building society – you will require a HMRC paying in slip to use this method
  • CHAPS payments
  • BACS
  • Direct Debit
  • By posting a cheque

The various payment methods vary in how long they take to reach HMRC. Here is a useful infographic that will help you choose the right payment method. Depending on your preferred payment method it is better to pay your tax bill sooner rather than later to avoid any unintentional late payments.

When making a payment to HMRC, you will require your 11 character payment reference. This is your 10-digit Unique Taxpayer Reference (UTR) followed by the letter k. If you are unsure of your UTR this can be found in the top right corner of any correspondence letter from HMRC or on your tax return itself.

The bank details you will require for HMRC are as follows:

Sort code Account Number Account Name
08-32-10 12001039 HMRC Cumbernauld
08-32-10 12001020 HMRC Shipley

Please ensure you pay your Self-Assessment tax to the correct HMRC Account, if you are unsure of this then please make payment to HMRC Cumbernauld.

If you are struggling to pay your Self-Assessment tax bill, please contact the HMRC Business Support Service on 0300 200 3835 immediately to discuss alternative payment options available to you.

If you require any further advice on this matter, please contact us, we are more than happy to assist.

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Thomas Julier Accountant
If you have any questions or comments about this article, please get in touch.
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