Tax payment surcharges
The deadline for paying self assessment tax for the 21/22 tax year was 31 January 2023. Interest is payable on any late payment but there’s also a whopping 5% surcharge due on any unpaid self assessment tax which is still unpaid at midnight on 2 March 2023.
If you can’t pay all your tax on time then you should contact HMRC to agree a Time to Pay arrangement. This can mean any penalty is suspended as long as you stick to the agreement you make. Make sure you do this before the deadline!
You can contact HMRC to discuss a Time to Pay arrangement here.
And if you choose to do nothing here’s what HMRC say about how they deal with people who don’t pay the tax they owe.
