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By Emma Fone 08 Jul, 2016

The deadline for the second payment on account for income tax paid through Self-Assessment is due by midnight 31st July!

Payments on account are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed).

You have to make 2 payments on account every year unless:

  • your last Self Assessment tax bill was less than £1,000
  • you’ve already paid more than 80% of all the tax owed

There are 2 payment dates each year - 31 January and 31 July, and each payment is half your previous years' tax bill. 

You can see your Self Assessment statement by logging in to your online HMRC account and clicking ‘View statements’. You’ll see:

  • payments on account you’ve already made
  • payments you need to make towards your next tax bill

Failing to make a payment before or on 31st July will result in interest being charged from the date the payment is due. The current charge rate for late payment at the time of writing is 3% (rates often change, so please visit HMRC website for an up to date rate payable).

There are various ways to pay...

  • Direct Debit or Credit Card payment
  • Telephone
  • Post
  • Online Banking
So don't forget 31st July!

Need help with Self-Assessment? Contact us today.

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