The Institute of Chartered Accountants in England and Wales (ICAEW) has reminded small business owners and taxpayers it’s no longer possible to pay for their outstanding tax via personal credit cards.
The deadline for online self-assessment tax returns for the 2017-18 financial year is 31st January 2019.
There are several different payment options available, including:
- Debit card
- Direct debit
- Online/telephone banking
- Bank/building society
If are going to have difficulties making a payment, it’s important that you contact HMRC at your earliest convenience, so they can help advise you on what options you have. Caroline Miskin, Technical Tax Manager, ICAEW, suggested the Time To Pay Arrangement and Budget Payment Plans could also be an option for some taxpayers, depending on their unique circumstances.
The most common reasons a tax return may be required are as follows:
- You’re self-employed or working in a partnership
- You have significant savings or investment income
- You have untaxed savings or investment income
- You are a buy-to-let property landlord
- Your household receives Child Benefit and your income is in excess of £50,000
- You have income from outside the UK
- You have recently sold or given away asset(s)
If you need help with any of the above, don’t delay, call us today 01932 868 444 or contact us our friendly and experienced team can work with you to prepare your self-assessment tax return ahead of the 31st January 2019 deadline.