Second deadline looms for self-assessment tax bills

The second deadline for the payment of self-assessment tax bills is looming fast, with individuals and self-employed professionals urged to pay the remainder of the tax they owe and avoid a fine from HM Revenue and Customs (HMRC).

Some taxpayers are expected to pay their 2015/16 tax bills in three stages: one installment on 31st January 2016, a second on 31st July 2016 and the final payment by 31st January 2017.

However, those who miss a payment deadline may incur three per cent interest charges on the amount owed to HMRC.

The deadline for this second payment on account, falls on a Sunday this year, so individuals should plan around this and ensure their funds arrive with HMRC in plenty of time.

Those preferring to pay by cheque should ensure it arrives by 29th July in order for the funds to clear and avoid being charged interest. In order to pay by cheque you’ll need to send it first class by 27th July. For full details about how to settle your bill, visit HMRC's website. 

It’s possible to pay online with your reference number displayed on your online account or your paying-in slip if you still receive paper statements. If you have an HMRC paying-in slip you can pay the remainder of your tax bill at your bank or at your nearest Post Office.

Those who pay their bills online or via telephone banking will be able to ensure HMRC receives the tax owed the same day it’s sent.

If you are unsure whether you have anything to pay on your personal tax account, your local TaxAssist Accountant should be able to help put you in the picture.

For a free initial consultation give our friendly team a call today on 0800 0523 555 or drop us a line using our online enquiry form.

Date published 22 Jul 2016 | Last updated 22 Jul 2016