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How to Pay My Self Assessment Tax Bill?

Paying your Self Assessment tax bill might seem tricky, but it’s an important task that we’re here to help you with. In this guide, we’ll walk you through the different ways you can pay, making it simple and straightforward. Whether you’re paying online, through your bank, or even through your tax code, we’ve got you covered.

paying with credit card

Making a Self Assessment Payment to HMRC

Once you submit your Self Assessment tax return, HMRC will calculate your bill and allow you to make payments using various methods:

  • Directly through your online tax account using a debit or corporate credit card.
  • Via your bank, either through online banking or in-branch with an HMRC paying-in slip.
  • Over the phone.
  • By setting up a Direct Debit.
  • Through your tax code.

When making a direct payment to HMRC, ensure you include your UTR number as a reference to help them allocate the payment correctly.

Paying Your Tax Bill Through Your Tax Code

If you are an employee and your employer deducts tax under PAYE, you might have the option to pay your Self Assessment tax bill through your tax code. This method allows you to spread the cost over twelve months, provided you meet the eligibility criteria. However, be aware that this changes your tax code, which might prompt questions from your employer.

Making Payments on Account

For those with a Self Assessment tax bill exceeding £1,000, HMRC typically requires advance payments towards the next year’s bill, termed ‘payments on account.’ The first payment, equating to half of the current year’s bill, is due simultaneously, potentially catching you off guard if unprepared.

What is the Payment Deadline for Self Assessment?

Unless you opt to pay via your tax code, you must settle your 2022/23 Self Assessment tax bill and any payments on account by midnight on 31st January 2024.

What to Do if You Can’t Pay Your Self Assessment Tax Bill

If paying your Self Assessment tax bill proves challenging, you may qualify for a Time to Pay agreement, depending on the amount due and its due date. Proactively contacting HMRC to discuss affordable repayment options is crucial, as this can help you avoid additional stress and potential penalties.

If you need help with your tax services, check out what Count can do for you!

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