David Lock

If my return shows I owe money and I submit return now do HMRC take money immediately or leave it till 31 January?

David

dpb

imagine after Jan 31, sometime

hodgy0_2

i believe completing the Tax Return and paying any money owed - are two different things

both need to be in by the 31st

I would submit the return if you have finished it and then pay (you get a payment reciept i seem to remember) by the 31st deadline

Graz

I've not been in the situation of owing them money but don't they give the option of having you tax code adjusted for the following year so they claw it back from you over the course of the year?

I probably need to know this for fact as I was requested to do a return for 2012/13 as they want to get back some of the child benefit we've received. Luckily for that tax year we were still contributing to our company pension after tax for several months. As I wasn't getting tax relief on the pension contributions at the high rate they owed me money even after the deduction for child benefit. We've since changed to a salary sacrifice scheme so pension contributions are now taken before tax. Therefore for this tax year I'll be owing them some of the child benefit back but with little to offset it other than charity donations

john banks

If you do it yourself on line it will probably give you the option or requirement to pay so the funds reach them by 31st. Only sure answer is to follow what they advise by paper or online in your case, but I always make sure the money reaches them by 31st of January and July.

David Lock

Thanks all. David

daveyj

iTrader: (1)

The deadline to defer payments is usually Dec 28th. All monies under £1000 owed have to be paid by Jan 31st or you incur interest of 5%. Monies over £1000 can be split across Jan 31st and July 31st.