close menu

Do you need to make a Self Assessment payment in July?

by Kobus Van den Bergh | Jul 08, 2016
  • The second UK Self Assessment deadline is 31 July. The amount due at the end of July follows your first payment, made earlier in the year.
  • Tax Self Assessment

    What is Self Assessment?

    Employers usually deduct tax from employees’ wages, pensions and savings automatically by means of PAYE. However, if you’re self-employed, or a director of a company, and live in the UK you must submit a Self Assessment tax return.

    Completing and filing this return is time consuming and should be done well in advance to avoid penalties and unnecessary stress. To avoid the frustration of navigating UK tax codes, and wasting hours on the phone with HMRC, we recommend using experienced tax consultants like us.

    Do you need to make a payment in July?

    All individuals who make advance payments, also known as payments on account, need to make two payments every year, unless:

    • Your last Self Assessment bill was less than £1,000
    • You’ve already paid more than 80% of all the tax you owe

    The payment you will be required to make in July is half of your tax bill for the previous tax year. For example: If your tax bill for the 2014/2015 tax year was £3,000, you will have to pay £1,500 as a payment on account for the 2015/2016 tax year on 31 July.

    Need help with your Self Assessment return ahead of the 31 July deadline? We’re ready to help. Contact us for any accounting and tax advice.

    • london-bus-ben
      Applying for your NI number: Don’t go it alone
      Jun 12, 2018  |  by Leanne Shrosbree
    • london-thames-big-ben
      10 reasons why London is still our favourite city
      May 04, 2018  |  by Leanne Shrosbree
    • man-working-at-home
      Get the most out of being a contractor in the UK by following these simple steps
      Mar 15, 2018  |  by 1st Contact
    • tax-hand-magnifying-glass
      Reap the benefits of submitting your Self Assessment tax return early
      Mar 02, 2018  |  by Kobus Van den Bergh
    • students-graduating
      UK student visas: Here's how you can get one
      Feb 22, 2018  |  by John Dunn
    • students-school-chalk-board
      Get your child into state-funded school in the UK
      Feb 21, 2018  |  by Leanne Shrosbree
    • medical-cross-and-heart
      The NHS vs Medicare: Which is better?
      Jan 30, 2018  |  by 1st Contact
    • big-ben-london-at-night
      What is the cost of living in London in 2018?
      Jan 25, 2018  |  by 1st Contact
    • house-key
      To rent in the UK, you absolutely need to have the right to rent
      Jan 19, 2018  |  by Leanne Shrosbree
    • man-making-more-money
      This is how contractors can take home more cash
      Jan 09, 2018  |  by Kobus Van den Bergh
     
     

    Do you like cookies? We do, read why.