31st July – Second Payment on Account
With the summer now in full swing, we are sure that dealing with HMRC will be at the back of everyone’s minds (let alone handing over more money to them!).
If HMRC have requested for you to make payments on account (because your tax liability for the previous year was above £1,000) then 31st July signifies a date when another payment is due.
However, it is not all doom and gloom. If you are an individual who this applies to and you are able to provide us with the information for the tax year ended 5th April 2017 then there may be an opportunity to reduce this instalment or indeed claim a tax repayment.
Please give us a call if you wish to discuss further, or if you are unsure as to whether payments on account apply to you. Submitting your 2016/17 tax return earlier than usual will not only give you peace of mind, but may also minimise the amount of tax you have to pay.
We look forward to hearing from you.