It's That Time of the Year Again: Self-Assessment Tax Deadline

As we step into the new year, it's time to remind you that the self-assessment tax deadline is fast approaching. By the end of January 2025, you need to have paid your self-assessment tax for the tax year 2023-2024.

If you haven't yet sent us your information, don't worry. We've been keeping records and have reached out to those of you who we believe need to provide additional details. However, if you haven't heard from us and would like us to file your self-assessment, please get in touch as soon as possible.

We strongly encourage you to use your Government Gateway account in general and if you haven’t set one up already – please do 😊HMRC online services: sign in or set up an account: Set up an account for HMRC online services - GOV.UK

This method helps HMRC allocate your payment directly to your tax liability, ensuring a smooth and accurate process.

But that's not all! Here are some other benefits of using your Government Gateway account:

• National Insurance Record: Keep track of your National Insurance contributions and ensure they are up to date.

• Update Details: Easily update your personal details whenever they change, ensuring that all your information is current.

• Tax Debt: View any outstanding tax debt and manage your payments effectively.

Using your Government Gateway account not only simplifies the payment process but also provides you with a comprehensive overview of your tax and National Insurance records. As accountants, we can’t view your National Insurance records at all, and this is something only you can view.

How to Pay Your Self-Assessment Tax Liability

There are several ways to pay your self-assessment tax liability:

• BACS (Bankers' Automated Clearing Services): You can make a payment directly from your bank account. Ensure you use your Unique Taxpayer Reference (UTR) as the payment reference. Here are the BACS bank account details:

• Sort Code: 08 32 10

• Account Number: 12001039

• Account Name: HMRC Cumbernauld

• Reference: Your 10-digit UTR followed by the letter 'K'

• Credit or Debit Card: Payments can be made using a credit or debit card through the HMRC online payment service.

• Direct Debit: Set up a direct debit to make regular payments towards your tax liability.

• Cheque: Send a cheque to HMRC, ensuring you include your UTR on the back of the cheque.

• At Your Bank or Building Society: You can also make a payment at your bank or building society using a paying-in slip from HMRC.

Time to Pay Arrangements

If you are unable to pay your tax bill in full by the deadline, you may be able to set up a payment plan to pay it in instalments >> HMRC online services: sign in or set up an account: Set up an account for HMRC online services - GOV.UK

This is called a 'Time to Pay' arrangement. Here are the steps to set it up:

• Contact HMRC: Reach out to HMRC as soon as possible if you know you will not be able to pay your tax bill on time.

• Set Up a Payment Plan: You can set up a payment plan online if you owe £30,000 or less and are within 60 days of the payment deadline.

• Flexible Arrangements: HMRC will work with you to negotiate a payment plan based on your income and expenditure. The arrangement can cover all outstanding amounts, including penalties and interest.

If you have any questions or need assistance, please don't hesitate to reach out. We're here to help you navigate through this tax season smoothly.