How do I budget for my Self Assessment tax bill?

How do I budget for my Self Assessment tax bill?


Budgeting for your Self Assessment tax
bill can help you pay what you owe on time.
You don’t have to wait until the 31st of January or 31st of July to pay. If you do,
you could miss the deadline. You can set up a budget plan to make regular
payments by direct debit. If you’re up to date with previous Self Assessment
payments, you can set up a budget payment plan using your online account on GOV.UK. It’s flexible, so you can decide how much
you pay each month. You can reduce or stop payments at any time. If you’re
self-employed, our ready reckoner on GOV.UK can help you budget for tax and
National Insurance. Put in your estimated weekly or monthly profit and
we’ll give you an idea of how much you must pay. A budget payment plan can help
you meet the payment deadlines and avoid any fines. Remember if there’s anything
left to pay, you’ll need to do this by the 31st of January. To find out more
about self assessment go to GOV.UK.

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