Are you ready for your first tax payment of 2023?

For some taxpayers, the run-up to 31st January 2023 is very much a focus on ensuring their tax return is submitted on time.

But this date also marks the deadline for the first payment on account for the 2022/23 tax year. Having completed your tax return for the year you should know how much you owe, but this payment can still be a shock.

It is important that you have the necessary funds to cover this payment, as you will face an automatic penalty of five per cent of the tax that is unpaid if a balancing payment or payment on account is still unpaid more than 30 days past the due date.

These 30 days are meant for those who intend to pay on time but, for some genuine reason, fail to do so.

However, more importantly, if you are unable to make a tax payment as you have insufficient funds to cover the balance that is due, this gives you time to speak with HM Revenue & Customs (HMRC) and propose a suitable scheme of repayment.

We appreciate that the last few months have been particularly challenging and there are likely to be many people out there who are concerned about their ability to pay.

We are here to help, so please contact us at the earliest opportunity.

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