⚠️ Tax Alert for the UK: Important Date Approaching! ⚠️
Hey folks! Just a quick reminder that if you’re part of the millions in the UK using Self Assessment, you’ve got until July 31st to make your second Payment on Account for the 2025/26 tax year. Don’t let this sneak up on you!
What are Payments on Account? They’re advance instalments towards what you’ll owe for the next tax year. Usually, these payments are necessary if your last tax bill was over £1,000 and you didn’t cover at least 80% through PAYE or other deductions. Each instalment is about half of last year’s tax bill.
Feeling the pinch? No worries! You can set up a payment plan with HMRC to spread the cost in weekly or monthly chunks. Every payment you make counts towards your July deadline. HMRC even has a nifty app that’s the fastest way to sort out your payments. Over 110,000 payments have been processed through the app since April!
Chief Customer Officer Myrtle Lloyd shares, “We’re here to help, whether you’re paying instantly via the app or using a payment plan.”
Here’s a tip: Anyone expecting lower earnings this year can ask HMRC to reduce their payments on account. But careful—if you cut them too much, you might get hit with interest!
Did you know? You can file your 2025/26 Self Assessment return now! It’s a great way to suss out your tax bill well before the next deadline in January 2027. More time to plan and budget—what’s not to love?
Also, a heads-up for those paying the High Income Child Benefit Charge: from mid-July, your details will automatically appear in your online Self Assessment return. Talk about making life easier!
And a word to the wise: Be on high alert for scammers claiming to be HMRC. Never click on suspicious links or give out your login info.
Got all that? Good! Let’s make sure everyone stays stress-free and sorted this tax season. 💼✨
#TaxTime #HMRC #PaymentsOnAccount #StaySafe #FinancialHealth