Second Payment on Account- SA

Second Payment on account - 31 July 2024

https://www.gov.uk/understand-self-assessment-bill/payments-on-account

HMRC will usually write in the post in regards to reminding you to arrange a second payment on account in this case for the Tax Year 2024-2025

There are a few exceptions when payments on account are not required

• Self Assessment Tax due in the prior year is ⬇️ £1,000
• Self Assessment Tax due is even ⬆️ than £1,000 but 80% of tax has already been deducted at source usually from an employment job being the most common
• Reduce payment on account such as change in circumstances of the following year eg. No future rental income/ceased business trade 🛑

Please note if the tax for the following year is similar or higher then HMRC will charge late interest on when the payment on accounts were due

If you do not receive a reminder in the post to arrange payment on account then there are various ways 👇 to check

• Personal HmRC Account set up 📕 and login to check if any tax is due and when
• If appointed an Agent 👨‍💼 eg. Accountant/tax Advisor they will either send you reminders or you can ask them to check on the system for you but you have to ensure that they are authorised to act on your behalf eg. 64-8 paper copy or HMRC online authorisation
• Telephone 📞 03002003310 and enquire if any tax is due in July 2024. This is probably the least ideal option as there is a long waiting time to get through and even more during these payment deadline periods

If you require further advice or assistance to ensure that you are aware of your deadlines and been advised clearly by an Agent or if you currently file your own Return but unaware of this deadline then please feel free to reach out to see how we can assist with your Tqx Affairs

Tel: 01212852534

Web: www.secureaccountsltd.co.uk

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