Budget For Your Tax Bill

Newsletter issue - August 09.

If you are self-employed it can be a struggle to save up enough money to pay the two instalments of your tax liability for the year due on 31 July and 31 January. HMRC has realised these two large six-monthly bills can be difficult to manage, so they have set up a budget payment plan to help individuals pay their tax bill in smaller chunks.

It works like this:

There are some disadvantages to using this budget payment plan:

Currently this budget payment plan can only be used by individuals. There is no similar payment plan in place for companies.

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