Self-Assessment Time To Pay System

So many entrepreneurs are in the throws of tax season, preparing their income and expenditure to be able to then collate and submit via either your accountant of the HMRC portal before the 31st, but whilst preparing your tax return have you thought about the payment that is also due on the 31st January?  Some of you are on the ball and submitted your paperwork to your accountant in April last year which will of given you an entire 9 months to tax plan for your payment. Some of you will of either not known that you can do that or have simply not done the calculations early enough  If you haven't yet tax planned for your self-assessment and are worried about not being able to pay your tax bill, don't panic, there are options available to help ease the burden.  You can apply for a payment plan with HMRC, allowing you to spread the cost of your tax payments over a set period. Additionally, if you're struggling financially you may be eligible for a Time to Pay arrangement, where you can negotiate a more manageable repayment schedule.  It's important to reach out to HMRC as soon as possible to discuss your situation, as they can offer support and avoid potential penalties or interest. Sticking your head in the sand doesn't have a rosy outcome on this one unfortunately.   With the right steps, you can manage your tax obligations and avoid unnecessary stress.