The next Self-Assessment Payment on Account deadline is approaching on 31st July.
If you're self-employed and made a Payment on Account in January, you may need to make a second payment by the end of July.
Payments on Account are advance payments towards your next tax bill, calculated using your previous year's tax liability. Because they're made outside the main January deadline, they're often overlooked until the payment date is close.
Why check now?
Reviewing your position before the deadline can help you:
- Understand whether a Payment on Account is due
- Avoid last-minute stress and surprises
- Plan ahead and manage your cash flow more effectively
- Check whether your payments still reflect your expected tax liability
The benefit of filing early
Keeping your tax records up to date throughout the year makes it easier to understand your overall tax position. Rather than waiting until deadlines are approaching, reviewing your affairs early gives you more time to budget and prepare for any payments that may be due.
If you're unsure whether a Payment on Account applies to you, or whether the amount remains appropriate based on your expected income, it's worth speaking to your accountant or tax adviser well before the deadline.