Individuals, partnerships and trusts that need to submit self assessment tax returns, have until 31 January 2018 to comply, or face automatic penalties. Any late tax returns that have not yet been sent to HMRC, now need to be submitted electronically.

HMRC will normally issue demands and payslips for tax payable by 31 January 2018 where tax returns are submitted in good time, but for those submitted in January, there is not likely to be time for the letters and payslips to be printed before payment falls due.

Where payslips have not been issued and a cheque is going to be sent in the post, a manual payslip should be generated and printed from the HMRC website. Such payslips can not, however be used to make payment at a bank or building society. Only the HMRC generated payslips can be used in those instances.

Alternative options exist for payment to be made by bank transfer or debit card, however some payment methods that were previously available are being withdrawn.  From 13 January 2018, credit card payments are no longer being accepted and from 15 December 2017, it will no longer be possible to pay tax at the Post Office.

Where tax liabilities are settled late, interest will be charged, with a further 5% supplement added for any balances still outstanding in March.

Lentells are able to help with all aspects of self assessment. For further information please contact your local office.