Paying Your Tax Liability

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In 2016 HMRC stopped issuing Corporation Tax payslips to Companies. These payslips proved useful as they facilitated easy payment of Corporation Tax at banks and post offices. The payslips also quoted the 17-character Corporation Tax reference relevant to the financial year the payment related to.

Payment of Corporation Tax still requires the Corporation Tax reference and this can be found by signing into your Company’s HMRC online account and accessing the Corporation Tax account. If Towers + Gornall act as your Agent then we should be able to access this information on your behalf.

You can pay the Corporation Tax via online banking, or otherwise at a bank or building society (although the latter option will not be available after 15 December 2017). For instructions on how to make the payment please visit HMRC online (Corporation Tax).

Directors must ensure that Corporation Tax is paid prior to the deadline of 9 months and 1 day after the Company’s financial year-end otherwise interest will be charged. On the other hand an early payment of tax will result in the Company receiving an interest payment from HMRC.

Self-Assessment Tax is normally payable by 31 January and 31 July every year. Late payment of Self-Assessment will result in an interest charge and possibly additional financial penalties.

HMRC still accepts payment by post for Self-Assessment. Alternatively, all payment options are similar to those for Corporation Tax. Please visit HMRC online (Self-Assessment) for instructions on how to pay your tax liability.

You will require your Unique Tax Reference (UTR) in order to make the payment either online or in-branch and this can be found on the front of your Self-Assessment Tax Return and also on your payslip (if you have it to hand).

If you have any problems navigating HMRC online or you need any further information please do not hesitate to contact 01995 600 600 or otherwise you can email johnw@tagac.co.uk.

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