Yes, you have 2 main options:
Collected from your wages
You could opt to have it collected from your wages through your tax code. HM Revenue and Customs (HMRC) can now collect debts of up to £17,000 by adjusting your Pay As You Earn (PAYE) tax code. HMRC refers to this as ‘coding out’. The effect of this is to recover the debt from your income, by increasing the amount that we deduct from your income during the tax year.
Taxpayers wishing to have their tax bills coded out should tick the appropriate box on their tax return and submit it by 31st October if filing on paper or 30 December if filing online.
Or you could set up a Budget Payment Plan for Self Assessment. Budget Payment Plans are available to Self Assessment customers who pay by online Direct Debit and are up to date to with their payments.
If you haven't paid the full amount you owe through your Budget Payment Plan then you will need to make another payment to cover the difference. You can do this by setting up another Direct Debit and your payment must reach HMRC by the due date.
If you'd like assistance in managing your tax affairs, contact us to be put in touch with your local TaxAssist Accountant who would be happy to help.
By Jo Nockels
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.