Can't pay my self assessment bill-panicking

Here's what you do:

You get in touch with HMRC, tell them that you can't pay the bill, and ask to set up a payment plan.

When you've agreed the payment plan, you stick to it.

That way you won't end up in court, and you can stop stressing about what will happen.

Ok, the problem with setting up a payment plan is they will charge you interest for the amount that remains unpaid. I would pay as much as you can reasonably afford NOW, and then follow the other poster's advice to contact the HMRC. When you contact them, check if you have to pay anything 'on account' i.e. for the next forthcoming tax year and see if you can request to transfer some of this to another year as you may be in a better position in the future. Not great as you will still need to re-pay eventually but it could give you some breathing space. Good luck with it!

And a tip for the future:

Every time you get paid, put 20% of it into a separate savings account (preferably one that pays interest).

Then next time you get your bill, you'll find that you've got most of it already there; in fact, you may find you have some left over.

Hey Nella A,

The worst thing you can do is 'nothing'.

I'd strongly suggest you contact HMRC and let them know you're going to have issues paying, and they'll likely work out with you a payment plan you'll be able to manage.

They deal with this kind of situation all the time, so they'll know exactly what to do.

https://www.gov.uk/difficulties-paying-hmrc

Good luck!