If you are a self-assessment taxpayer, your tax payment for the tax year 2022/23 is due by 31st January 2024.
Your tax payment will relate to the tax you owe for 2022/23 (balancing payment) and your advanced first payment on account for the 2023/24 tax year.
You can pay your tax liability by banks transfer, debit card or cheque.
If you pay your tax after the deadline, HMRC will apply the following penalties:
- 30 days late – 5% of the tax you owe at that date
- 6 months late – a further 5% of the tax you owe at that date
- 12 months late – a further 5% of the tax you owe at that date
If you cannot afford your tax liability, you should contact HMRC as you may be able to avoid late payment penalties by arranging to spread your payments over a period of time.
If you require any assistance or advice relating to the this, please do not hesitate to get in touch with your usual contact or email email@example.com