If you, like many others, have received a Self Assessment Tax return from HMRC, you may be dreading the 31st January, as this is the deadline for filing your tax return and paying the tax you owe. Directly right after Christmas when things are generally a bit tight.
However if you are lucky enough to be eligible you may be able to request HMRC to collect the tax you owe from your wages and/or pension.
So what do you need to do in order for this to happen?
Firstly the amount of tax you owe on your tax bill must be below £3,000
Secondly you must be under PAYE, ie an employee who receives payslips or you receive a pension.
Thirdly if you submit a paper return, it must have been submitted by 31st October, if you have not done this then you must file your tax return online by 30 December.
Therefore in order to take advantage of this payment method it is always a good idea to have completed your tax return by December so that if the tax you owe is under £3,000 you can apply for this payment method with HMRC and save yourself the cashflow issue in January.
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