Spread payments to help ease tax bill stress

THOSE working for themselves who pay tax through payments on account must make their second instalment for 2024/25 by midnight on July 31.

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I'M self-employed and won't be able to pay my next tax bill. What should I do?

This amount is based on earnings from 2023/24.

After you file your 2024/25 tax return, you may owe a balancing payment, which will be due by January 31 next year.

Many find meeting these deadlines difficult, but there are options to help manage the cost.

If you know you won't be able to pay on time, contact HMRC as soon as possible. You may be able to set up a Time to Pay arrangement, allowing you to spread what you owe into monthly payments that fit what you can realistically afford.

To do this, you'll need your tax reference number, bank details to set up a Direct Debit, and information on your monthly income and spending.