Although the HMRC gives countless reminders for the 31st January self-assessment deadline, the same cannot be said for several payment tax dates that failure to meet result in penalties.
Millions of taxpayers are required to make a payment by the 31st July. If you fail to meet the deadline you can face interest charges. This charge fallows the first instalment that was due on 31st January. Each payment is half of your previous years bill.
Only taxpayers whose previous tax bill was over £500 are required to make payments on account, unless an employer deducted more than 80% of the previous years liability.
If you are struggling to meet the deadline for any reason, we advice that you notify the HMRC immediately.