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Second Payments On Account for Self Assessment Due 31.07.23
10 - 07 - 2023
The deadline of 31 July 2023 for 2022/23 second payments on account is approaching
If you complete a Self Assessment Tax Return and your 2021/22 income tax liability was greater than £1,000 you may also be required to make two payments on account for 2022/23.
The first payment was due on 31 January 2023 and you may have paid this at the same time as any additional tax liability for 2021/22 on your tax return. The deadline for the second 2022/23 payment on account is 31 July 2023.
Each payment is based on half of your income tax liability on your 2021/22 tax return, although you can reduce your payments on account if you have good reason to expect your tax liability to be lower for 2022/23.
You may already have received a payment reminder from HMRC detailing how to make the payment. If you are unsure ask us for our free Advice Note on Self Assessment Payment Methods. Interest and Late Payment Penalties can apply if the deadline is missed.
The 2022/23 Self Assessment Tax Return is due to be filed online by 31 January 2024. Ask us for a copy of our free Self Assessment Questionnaire to help you get started or if you would like Foremans to provide a quotation for the completion of your next tax return.