The deadline for the second payment on account for tax paid through self-assessment is 31 July 2016.
Payment is required if the tax bill is more than £1,000, unless you’ve already paid more than 80% of all tax you owe.
2 payments are due each year – on 31 January and 31 July. Each payment is half of the previous year’s tax bill.
People who are already registered for self-assessment with HMRC can check their payments on account via your online account. This will show any payments on account already made and any payments owed.
There are several ways to complete the payment on account:
- debit or credit card
- post
- telephone
- online banking.
Interest charges
Missing the deadline or failing to make a payment will result in charged interest from the date the payment is due.
The current rate for late payment is 3.0%.
The interest rate will vary so it is important to check the current rates payable on the HMRC website.
Contact Sue Stephens about self-assessment today.
