HMRC will be issuing personal tax self assessment payslips over the Christmas period to all those who need to submit a tax return or have tax to pay. When your personal tax return has been prepared then you should know your personal tax bill to pay. This bill is due 31st January 2014 – regardless of whether HMRC have sent you a request to pay.
Interest is charged on late payment, from 1st February 2014. If tax is still not paid by 28th February 2014 and you have not made an arrangement to pay, then a 5% surcharge is added, and again 6 months later if you have still not paid.
If your 2013 personal tax bill is over £1,000 then you will also be asked to make a payment on account towards next year’s tax bill; 50% payment on account on 31st January 2014 and another 50% on 31st July 2014. If your income has been lower than last year then you can ask for these payments on account to be reduced, but reduce them too much and you could get the above 5% surcharge.