Tax payment time again
If you make Self-Assessment payments on account, you will no doubt be aware that the second instalment for 2018-19 is due on 31 July 2019. The amount due for payment is usually the same as the first payment on account made on 31 January 2019.
These payments are based on 50% of your previous year’s net Income Tax liability. If your taxable profits have increased there is no requirement to notify HMRC and the deadline to make a balancing payment for 2018-19 is 31 January 2020. If your liability for 2018-19 is lower than 2017-18, you can ask HMRC to reduce your payment on account.
There are penalties for late payment of tax due and we would advise you to ensure you meet the payment deadlines. If you do not have the necessary funds to make these payments, we recommend that you contact HMRC as soon as possible.
Contact HMRC’s Business Payment Support Service (BPSS). The BPSS was first launched in 2008 and is available to all taxpayers (not just businesses). The purpose of the service is to provide support to those experiencing a wide range of tax payment problems.
The BPSS will review the issues raised and look sympathetically at providing a practical solution. HMRC will not usually charge additional late payment surcharges in relation to specific arrangements made using the BPSS.
For more information tax payment 2018-19, Book a Free Consultation