You Can Now Pay Your Self Assessment Tax By Budget Plan

The government have introduced a budget plan to help people to pay their self assessment taxes over a period of time by direct debit.  The plan only applies to those people whose tax affairs (and payments) are right up to date though.  If you are one of those lucky people, you probably don’t need the opportunity to pay by instalments via direct debit, but you can also use the scheme to arrange your payment due on the 31st January 2010 to be paid in full by direct debit as well.

If you are behind with your tax payments, [private_basic]you need to ring up the Tax Office  on 0845 366 1204 to negotiate how you are going to settle the arrears and then you will be able, hopefully, to get you next tax liabilities onto the budget scheme.

This isn’t a huge change as people have been making instalment payments on their tax liabilites for many years.  The difference is that it can be arranged online at the HM Revenue & Customs website and the payments made automatically by direct debit.  This is a much safer and more secure way of paying the tax bill and preferable to sending a cheque in the post or making an online payment into the void hoping it gets allocated to your account.  The direct debit scheme, coupled with online filing of VAT return forms, has transformed VAT for businesses as the payment is taken out around the 12th of the month following the due date, and no payments or forms get missed through postal difficulties.

As much as I don’t like this government, there are some changes like this which are to be applauded as they actually benefit us as taxpayers and not just the government.

You will need to be registered on the HM Revenue & Customs website before you can set up the direct debit and budget scheme so nip over there now and get signed up asap.

As always, please don’t hesitate to get in touch on 0800 047 0731 if you have any questions or concerns about this scheme.

~Ray[/private_basic]

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Ray Stewart

Managing Director at Coalville Business Services Limited

I am a qualified Certified Practising Accountant having passed my final exams way back in 1981. I actually can’t believe that was 37 years ago!! Anyway, I am now in my 60’s and I have been running my own business since May 1983. And before you ask, no, I have never regretted a moment of it! Part of the membership requirements of my professional body now dictate that I spend quite a lot of time on “CPD” - continuing professional education (one of their better ideas) - and over the last two years I decided to study business growth and marketing. I have learnt such a lot and that knowledge has radically changed my old “accountants” approach to business. It has made such a difference to the way I work and operate I feel that I just have to pass on this knowledge. It is simply too powerful to hold back!! - but I will try and do it in simple terms rather than expecting you to spend hours, as I had to, working through the difficult language that trainers seem to use to pass on their concepts. I hope you find the blog a useful resource and interesting place to visit as the months pass. I will do my best to keep up the flow - but if there are any topics you would like me to cover, then please let me know. Ray Stewart

Ray Stewart

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