Paying by Direct Debit is more convenient, and gives you up to seven extra calendar days after the due date on your Insurance Premium Tax return, in which to pay.In order to pay your Insurance Premium Tax by Direct Debit you will need to set up a Direct Debit Instruction (DDI) and HM Revenue & Customs (HMRC) will automatically collect payment from your bank account seven calendar days following your Insurance Premium Tax Return due date.
Information on how to set up the DDI is included in the Insurance Premium Tax registration pack that HMRC sent you. Alternatively you can call HMRC's Central Collection Unit on Tel 01702 366 364 to set up the DDI.
It normally takes five bank working days to set up a Direct Debit. Bank working days are Monday to Friday, excluding bank holidays. If you haven't allowed enough time before you submit your return you will have to pay by another electronic method.
Once HMRC starts to collect your payments by Direct Debit they will appear on your bank statement with the description 'HMRC Insurance Premium Tax'.Only the amount shown as due to HMRC on your return will be collected by Direct Debit. HMRC will not collect any surcharges, interest or penalties this way.
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