It’s Tuesday! Let’s talk Tax.
Read this week’s short tax snippet for Doctors & Dentists, to help you save money and get more organised with your tax affairs. It’s just to give you a flavour – take 5 minutes to have a read.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. The Financial Conduct Authority does not regulate tax advice.
Tax payment deadline is today!
The deadline for paying your self-assessment tax is today. There will now be limited options with regards to the methods you can pay so ensure to check before you pay, so that the payment can reach HMRC in time.
Read more Tax Tips from our Tax Season series:
Time to pay your 15/16 tax – ways to pay
Why do you have to make Payments on Account?
Can you reduce your Payments on Account for Cash Flow?
What if you can’t pay your tax?
Ideally, you will have been putting away part of your income into a savings account, or separate bank account, in preparation for your tax payment.
However, at times funds saved are needed for other emergencies, or, the plan just doesn’t quite work out how it should.
If you find yourself in the position where you can not make your tax payment by today’s deadline, you do have a couple of options.
- One option is to seek help from HMRC. They can typically work out a payment plan for you if needed and will most likely come to an arrangement on the amount of interest you will pay.
- Another option is to take a short-term tax loan to cover the tax bill, which will keep your account with HMRC clean and up-to-date. If this is an option you consider, ensure to pay back to the loan as quickly as possible, as interest will also apply.
DON’T ignore the situation though. Take action to ensure you don’t get a black mark on your tax account.
If you have some available funds, the most important part to pay now is the tax liability. It is possible that you could pay your first payment on account with a short delay, and be charged minimal interest.
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