31 July Payment on Account: Due Tomorrow

Just when you thought July was about school holidays, BBQs and trying to stop the kids eating their body weight in ice cream…

HMRC enters the chat.

If you are in Self Assessment, your second payment on account may be due tomorrow, 31 July.

This is not a new tax or a penalty. It is an advance payment towards your next Self Assessment bill, usually based on what you owed last year.

Not everyone has one, so do not panic, but please do check your HMRC account rather than guessing.

If your income has dropped, you may be able to reduce the payment, but do not just knock it down to £0 because July has been expensive and one family day out now costs the same as a sofa.

If you reduce it too far, HMRC can charge interest later.

So today’s boring-but-important job:

Check your HMRC account, see if anything is due, and make sure it is paid by tomorrow.

Future January-you will be grateful.