Call us 0800 0523 555

Contact Us

*COVID-19 update: Many of our shops and offices are now open for face to face meetings with strict social distancing measures in place. We also offer telephone and video consultations for all new clients in order to discuss your needs. Find the latest COVID-19 information available for your business.

Second payments on account due for current year's tax

Taxpayers who owe more than £1,000 in tax during the 2012-13 tax year will be required to make their second payment on account (POA) towards the current year’s tax by July 31 2013.
 
If more than 80 per cent of the tax owed in the previous tax year was collected at source, payments on account were not required.
 
However, those required to use POA are due to pay their second and final payment on or before July 31 2013. Each payment is half of the tax due for the previous year.
 
Taxpayers should have paid their first POA instalment for the tax year 2012-13 on January 31 2013, with the second payment due at the end of this month.
 
For those who know that their income for the current year will be lower than last year’s figure, it is possible to ask to reduce POA. However, do be aware:

  • If you pay less than you need to, HMRC will charge you interest

  • HMRC may ask you to pay a penalty too if they think you haven’t taken reasonable care

It is possible to reduce payments on account in any of the following ways:

  • Make a claim on the calculation pages of your tax return

  • Sign on to HMRC Online Services and make a claim online

  • Download, complete and send form SA303

For taxpayers who realise that they’ve reduced payments by too much – often due to income turning out to be higher than previously thought – it is essential to notify HMRC as soon as possible.
 
HMRC can be notified online – download form SA303 – or by calling the phone number on the Self Assessment Statement. Any delays in notifying the authorities could result in paying interest and a further penalty.

Call us today to make an appointment with your local office

Consultations available by telephone or video

0800 0523 555

Contact Us