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Under the current tax regime, in certain situations you must make what we call 'payments on account'. This means making advance payments for your self-assessment tax in January and July. Each payment is half of the previous years tax bill, with any balance then being classed as a 'balancing payment' to be paid the following January.

The amount to pay in July is likely based on your self-assessment tax return for 2023. If you haven’t already prepared your 2024 self-assessment tax return, I would suggest getting this completed as soon as possible. If your taxable income has reduced, or you've made other tax savings, your July payment on account would be recalculated and you may have less to pay to HMRC.

If you are unable to submit your tax return in time, and you do have reasons to expect your tax liability to be lower than last year you can claim to reduce your payments on account. Please do note than if your payments are reduced below your actual liability, HMRC will charge interest on the underpayment.

If you are still unable to pay the July payment on account we recommend you contact HMRC as soon as possible. Discussing your financial circumstances with HMRC will help to put a plan in place and minimise any penalties and interest. More details can be found here.

If and when you are able to pay your tax, you should make the payment to HM Revenue & Customs (HMRC) as soon as possible to reduce the amount of interest charged.

We can help get your tax return prepared early so that your July tax payment is correct. If you would like any advice or assistance in this area please contact us on 0800 0523 555 or use our simple online contact form to arrange a free initial consultation.

Date published 15 Oct 2021 | Last updated 23 Apr 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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