As the deadline for payment on account approaches, it’s key to make sure you don’t overlook this important date.
If you have a payment on account for your self-assessment tax liability, it is due on 31 July. Failing to meet this deadline can result in penalties and interest charges, making it crucial for you to take the necessary steps before the cut-off date.
To make the payment process as seamless as possible, there are various methods for you to choose from. The duration you need to allow for payment depends on the method you select:
Same or Next Day:
- Online bank account
- Online or telephone banking (Faster Payments)
- CHAPS
- Debit or corporate credit card online
- Bank or building society
3 Working Days:
- Bacs
- Direct Debit (if you’ve set one up with HMRC before)
- Cheque through the post
5 Working Days:
- Direct Debit (if you have not set one up with HMRC before)
We’d always recommend that you work ahead of these timelines, to make sure that your payment reaches the necessary channels on time, preventing any unnecessary penalties or complications.
If you’ve made your payment already, your next payment on account will be due on 31 January*.
Navigating tax obligations can be complex, and sometimes a little overwhelming. Therefore, if you require further support or information regarding your payment on account, please don’t hesitate to get in touch with your usual contact who will be more than happy to give you the advice that you need.
*For future deadlines, if this date falls on a Saturday or a Sunday, then the deadline will move to the last working day before this date.
