July Payments on Account

It’s that time of year again where most lucky souls within self assessment get the pleasure of making another tax payment!

That’s right, if your tax liability was over £1,000 for the previous tax year, you should have made a payment on account in January towards this years tax and now the second payment on account is due by 31 July 2022.

Both of these payments then go towards your tax bill for the current year and any balance left over is due with the normal January payment as well.

To make sure the payments are correct we always advise to get your tax return completed early so that where we can reduce your payments on account we can - otherwise at least you know your liability early and can plan for both the payment and any ways to reduce your tax bills for the following year.

If you’re not sure what to pay, or whether this applies to you please do get in touch and we’ll be happy to help!