Deadline for second payment looms
Businesses are being reminded by Condies’ chartered accountants that the deadline for the second payment on account for tax paid through self-assessment is 31 July.
The firm, which has offices in Edinburgh and Dunfermline, is warning that payment is required if the tax bill is more than £1,000, unless more than 80% of the tax owed has already been paid.
Two payments are due each year – one on 31 January and one on 31 July. Each payment is half of the previous year’s tax bill.
People who are already registered for self-assessment with HMRC can check their payments on account via their online account.
This will show any payments on account already made and any payments owed.
There are several ways to complete the payment on account: debit or credit card, post telephone, or online banking.
Missing the deadline or failing to make a payment will result in interest from the date the payment is due. The current rate for late payment is 3.0%. The interest rate will vary so it’s important to check the current rates payable on the HMRC website.