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Payment On Account - Self-Assessment

June 21, 2019

 

If you were in the self-assessment tax system last year (Tax Year 05.04.18) and your total income tax liability was more than £1,000; You may be due to make your second payment on account for the year ended 5 April 2019. This is due by 31 July 2019. However you may not need to pay it all, or indeed any of it. We explain further:

‘Payments on account’ are payments made towards your following year’s income tax and National Insurance contributions. There are two payment dates – 31 January and 31 July. Each payment is half of the amount due from 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 2018/19 than 2017/18. This could be 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 2018/19.

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

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