Saturday 14 November 2009

Paying Self Assessment by Budget Payment Plan

Let's face it most self-employed find it difficult to meet the 31 January and 31 July payment deadlines for income tax and class 4 NICs - coming as they do - just after Xmas and just before the summer holidays.


HMRC now has a Budget Payment Plan offering an easier way to pay your Self Assessment tax by allowing you to make voluntary regular payments towards your future tax bill. It's available to those whose payments are up to date and who pay by Direct Debit.


The plan is flexible and you can:



  • decide the regular weekly or monthly amount you want HM Revenue & Customs (HMRC) to collect
  • choose to change your regular payment amount
  • suspend payment for a period of up to six months
  • cancel the Budget Payment Plan at any time





If you currently have an outstanding Self Assessment liability but are interested in setting up a Budget Payment Plan, please contact the HMRC Payment Helpline on Tel 0845 366 1204. The Helpline Staff will be able to advise you on how to bring your affairs up to date and when you can start a Budget Payment Plan.


The plan is available only to those who file online and pays no interest on the advance payments you make. You may do better by disciplining yourself to make regular payments into a designated deposit account to meet your liabilities.
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