It's that time of year again where the January Self Assessment tax deadline looms and many people have to make a payment to HMRC.
HMRC recommend that you make electronic payments.
Making electronic payments is safe and secure, allows you to control when your money leaves your bank account and avoids any potential postal delays. HMRC provide a variety of ways to pay your tax bill from direct debit to budget plans as well as by debit or credit card. Just make sure that you pay your bill on time!
If your payments, including payment for penalties, are late you will be charged interest!
In addition, if you still haven't paid the balancing payment 28 days from the due date, you will be charged an automatic 5 per cent surcharge on top of the amount still owing. A second 5 per cent surcharge may apply if your balancing payment remains outstanding six months from the due date.
You can find full details of all the ways to pay HMRC here.