Reminder: Self Assessment Second Payment on account due 31st July 2021
A quick reminder that for those tax payers paying on account to HMRC, the second payment on account towards your 2021 Self Assessment bill will become due on 31st July 2021.
Payments on account are estimated using the previous years tax, and paid 50% in January and 50% in July by some tax payers (those who owed more than £1,000 in Self Assessment tax the previous year).
Some clients may have paid this already, while others have already had their 2021 Self Assessment prepared and paid the adjusted balance.
If you are unsure whether this applies to you, or what your second payment on account is, please do not hesitate to contact us.
Remember, if you do not think you will be able to pay a tax liability as it falls due, then contact HMRC ahead of the due date as they may be able to assist with extended time to pay or an installments arrangement, subject to conditions. They have done this for many taxpayers over the last 12 months due to the COVID pandemic, suspending payments on account last year and efficiently arranging time to pays in January, and can be contacted on 0300 200 3822 should you require.