Millions of Self Assessment taxpayers brace for HMRC’s 'Payment on Account’ deadline on 31 July
Millions of Self Assessment taxpayers are bracing for the 31 July deadline to make a 'payment on account' to HM Revenue and Customs (HMRC). This scheme is designed to help spread the cost of the 2023-2024 tax year bill.
Over 12 million individuals must file a Self Assessment return for the 2023-2024 tax year and settle any tax due by 31 January 2025.
To ease the burden, many taxpayers are required to make two payments on account. If last year's tax bill exceeded £1,000, each payment will be half that amount. The initial payment was due on 31 January, and the second must be made by 31 July.
Should there be any remaining tax after these payments, a balancing payment must be made by 31 January 2025.
Payments can be made securely at any time via the HMRC app.
For those yet to file their tax return for 2023-2024, early submission can clarify the amount owed and facilitate timely payments. Early filing can also expedite any tax refunds.
A variety of payment options, including weekly and monthly plans, are available on GOV.UK. These plans can be set up in advance and will be applied to the next tax bill.
Newcomers to Self Assessment must register to obtain a Unique Taxpayer Reference before filing a return. An online checking tool on GOV.UK is available for those uncertain about their filing requirements.
