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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5015
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am having difficulty in paying my tax bill in full. Can I

Customer Question

I am having difficulty in paying my tax bill in full. Can I pay 2012/2013 part now and

2013/2014 part by 5 monthly instalments?
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Hello and welcome to the site. Thank you for your question.

You can pay the tax bill in instalments but you should be aware of interest and penalties if you don't pay your tax on time.

As you propose to clear your tax bill for 2012-13 now, you should concern yourself with interest charges for late payment of 1st instalment for tax year 2013-14 only.

As it is your intention to clear it in 5 monthly instalments, the charge should not be significant. Interest is charged at 3%pa on balance outstanding.

More information on interest and penalties if you don't pay your tax on time can be found here

http://www.hmrc.gov.uk/sa/deadlines-penalties.htm#5

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.