I can't afford to pay my tax bill, it's due 31st January

So, you've got a tax bill, but your bank balance isn't quite up to scratch. I can assure you that you are not alone in being a taxpayer who will not be able to make their tax payment in full by 31st January 2015. Here's what you should know:

Interest will accrue at approx. 4% per annum from 1 February 2015

Any amount still outstanding as at 28 February 2015 will have a 5% late payment penalty attached to their HMRC account (this happens again approx. 6 months later)

HMRC may kindly suggest to you that they can accept a credit card payment to clear your balance. Just take a minute to consider the "final" cost after your credit card is cleared with the interest slapped on top... Credit card's interest rates vary, let's say up to 30%, perhaps late payment charges and over limit charges. HMRC charge less than 5% per annum.

Paying tax is the UK is costly enough, ensure you're smart enough to not pay extra penalties and interest to the Government. There's just no sense in it


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