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.
Two payments are due each year - on 31st January and 31st 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
- online banking
Missing the deadline or failing to make a payment will result in 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.
If you would like more information on self-assessment, talk to a member of the Elpizo team today.