Self employed

Self Assessment Tax Bill – How Do I Pay?

Self Assessment Tax Bill

Have you ever wondered about how to pay your self assessment tax bill? In many cases, making a self assessment tax payment can seem difficult, especially if you haven’t done so before. Don’t worry, though; our experts here at LiderTax are on hand to help you find out more about paying your bill easily and without the stress.

How to Pay Your Self Assessment Tax Bill

There are two ways to pay your self assessment tax bill, and this largely comes down to personal choice. These are on a paper copy (posted to HMRC) or digitally using the self assessment tax return platform. However, the deadlines will differ depending on which option you choose.

When Is My Self Assessment Tax Bill Due?

When your self assessment tax bill is due will depend on how you choose to pay. Paper copies of a SA tax return will need to be sent sooner than digital submissions.

Deadline for Paper SA Tax Returns

If you choose to submit your SA tax return on paper, you will need to complete this before the 31st of October. In order to submit your paper tax return, you will need to mail an SA100 form.

Deadline for Digital SA Tax Returns

If you have been looking to submit your self assessment tax return digitally, the deadline is the 31st of January.

How Can I Make a Payment for my Self Assessment Tax Return?

Once you’ve calculated how much tax you will need to pay, there are several different options available for making payment. These include the following options:

  • Through the online tax system;
    Most people today will choose to pay their self assessment tax turn through the online tax payments portal. This offers the simplest and easiest way to submit your tax return payment usually. If you have submitted your tax return digitally, the system will also let you know exactly how much to pay.
  • Through your bank;
    Whether you use online banking or if you would prefer to make a payment in-person at a local branch, you can pay your tax returns via your bank account. You may need an HMRC paying-in slip if you head to your local branch.
  • Direct debit; Another option for paying your self assessment tax return is to make a direct debit. Direct debits will automatically take your tax payments when they are due. This can be a good way to reduce the risk of forgetting to make your tax payment.
  • By phone;
    If you have your card details to hand, you can potentially pay your tax return by phone. However, be sure to check carefully to ensure you’ve phoned the right number; otherwise, you might end up giving out your card details to someone fraudulent.

It’s worth noting that you likely won’t be able to pay your self assessment using a tax code. Indeed, tax codes are typically used for PAYE. Hence, this may relate to any employed work you have; however, it won’t be an option for paying your self assessment taxes.

Get Professional Support with Your Self Assessment Tax Bill

If you would like further support and help with submitting your SA tax bill, don’t panic. Our friendly team here at LiderTax can help. We’re proud to help countless people with their own self assessment tax bills. So, no matter what you’re struggling with, we’ll be on hand to help. Contact us today to get started; you might just find that paying your self assessment tax bill is easier than you’d realised.