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Second Payment on Account due on 31 July – don’t forget!

July 12, 2018

If you are already in the self-assessment tax system (i.e. this is not your first self-assessment tax year) then you may be due to pay your second payment on account for the year ended 5 April 2018 by 31 July 2018. However you may not need to pay it at all, or indeed any of it. We explain further.

 

‘Payments on account’ are payments made towards your following year’s income tax and class 4 National Insurance contributions (NIC). There are two payment dates – 31 January and 31 July. Each payment is half of the amount due for the previous year.

 

How can I reduce my payments on account?

 

It is possible to ask HMRC to reduce your payments on accounts if:

  • You think your tax bill is less for 2017/18 than 2016/17 because you had less self-employed income, for example; or

  • You know you owe less this year than last year having already done your tax return for 2017/18

Please contact us if you wish to discuss your HMRC payments on account in more detail.

 

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