Self Assessment tax return payment on account due 31 July
Self Assessment tax return individuals, who owe more than £1,000 in tax, need to pay their latest instalment by 31 July.
What is a payment on account?
In order to stay ahead of their tax payments, individuals make payments on account twice a year. It allows self assessment individuals to spread the next tax year’s costs.
Taxpayers spread payments across two instalments during the year. The amount due is calculated from the previous year’s tax bill. Typically, payments are around 50% of the previous year’s tax bill. Furthermore, a final payment is made following the tax return submission.
The latest payment on account generally applies to those who are self-employed. However, it can also apply to those who have income from one or more properties.
Payment on account deadlines are 31 January and 31 July. The second payment deadline is fast approaching, so taxpayers need to act now.
How to prepare for payment on account
Self-assessment taxpayers are advised to set aside money regularly to pay their taxes. When an individual is struggling to pay their tax bill, they should contact HMRC, as it may be possible to arrange a payment plan.
It is also good practice for an individual to try and submit their tax return as early as possible. As a result, this will allow time for efficient planning.
Individuals have just 6 days remaining to make their latest payment on account.
Contact us
If you require assistance with your payment on account, contact our team today.
Call us on 01704 891676
Email us at info@stseurope.co.uk
Send us a message via our contact page
This guide is an informative piece and does not constitute tax advice for individual matters.
