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Posted Mon, 03 Jun 2024 13:32:39 GMT by n99
Hello I've worked out my self assessment and the final calculation page says (with made up figures but with correct multiples): "Estimated payment due by 31 January 2025 You must pay the total of any tax and class 4 NIC due for 2023-24 plus first payment on account due for 2024-25 by 31 January 2025 (Note: 2nd payment of £1000 due 31 July 2025) This amount does not take into account any 2023-24 payments on account you may have already made 2023-24 balancing payment £2000 1st payment on account for 2024-25 due 31 January 2025 £1,091.10 Total due by 31 January 2025 £3000" This is not plain english to me. Please can you explain to me with dates and amounts what I must pay and when? many thanks
Posted Tue, 04 Jun 2024 08:12:47 GMT by n99
Sorry "1st payment on account for 2024-25 due 31 January 2025 £1,091.10" should read 1st payment on account for 2024-25 due 31 January 2025 £1000"

Add to SA2350 
Posted Fri, 07 Jun 2024 05:48:12 GMT by HMRC Admin 25
Hi n99,
Your balancing payment for 23/24 of £2000.00 is due to be paid by the 31st of January 2025.
Your first payment on account of £1000 for 24/25 is also due to be paid by the 31st of January 2025.
Your second payment on account of £1000 is due to be paid by the 31st July 2025.
Please see further guidance here:
Understand your Self Assessment tax bill
Thank you. 

 
Posted Fri, 07 Jun 2024 10:19:58 GMT by n99
Hi So £3000 due by the 31st of January 2025 and £1000 is due to be paid by the 31st July 2025? So £4000 would be paid to HMRC by 31st July 2025? If this is correct - would it be possible to 1) spread the £3000 due by the 31st of January 2025 into equal monthly instalments? So with this contrived example it could be £3000 over 6 months = £500 a month? or 2) spread the £4000 due by the 31st of July 2025 into equal monthly instalments? So with this contrived example it could be £4000 over 12 months = £333 a month? Option 2 would be better for us. Thanks
Posted Wed, 12 Jun 2024 07:24:00 GMT by HMRC Admin 19
Hi,

If you are unable to pay the balance due as a one off payment, you can check if you can set up a payment plan here:

If you cannot pay your tax bill on time

Thank you.
Posted Wed, 12 Jun 2024 07:36:53 GMT by n99
Hello - this service looks like it charges interest on monthly tax payments. Do you have info on the rates charged?
Posted Fri, 14 Jun 2024 08:05:57 GMT by HMRC Admin 21
Hi n99,
Please refer to: HMRC interest rates for late and early payments.
Thank you.
Posted Sat, 15 Jun 2024 12:24:13 GMT by n99
Which interest rate applies to the instalment arrangement?
Posted Wed, 19 Jun 2024 13:18:56 GMT by HMRC Admin 20
Hi n99,
Please refer to the following link - HMRC interest rates for late and early payments
Thank you.

 
Posted Wed, 19 Jun 2024 14:14:33 GMT by n99
but will I have to pay the "repayment interest rate " or the "late payment interest rate"? If it is the "late payment interest rate" that feels slightly odd given that many of the instalments I make will not actually be late, considering the deadlines of 31st July 2025 and 31st of January 2025?
Posted Tue, 25 Jun 2024 09:45:31 GMT by HMRC Admin 19
Hi,

You will not have to pay any late payment interest if the amount due by 31st January 2025, £3000, is paid by the 31st of January 2025. For more advice, please contact our Self Assessment payment team.

Self Assessment payment

Thank you.

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