HMRC 31st July 2017 Payments on Account

‘The end of July marks another tax deadline – for paying the second instalment towards your 2016/17 tax liability.

If you are required to make payments on account then these are calculated as 50% of your 2016 tax liability each.

The first payment made by 31st January 2017 will always be estimated as it is made before the tax year ends.

While the second payment on account, due by 31st July 2017, is initially estimated. By now you should be in a position to finalise the tax liability after submitting your 2017 tax return.

However, many people make the mistake of not preparing their tax return as soon as possible once the year ends (on 5th April) – as such they could find that they will have overpaid in July.

Also worth noting is the fact that the second payment on account will not increase beyond the initial amount estimated – so there is no disadvantage to submitting your 2017 tax return as soon as possible.’

There is still time to prepare the return before the 31st July payment deadline – please get in contact if you require any help.

Source

Posted in exeter accounting

Exeter Accountant MJ Smith & Co

Celebrating 25 years of excellence.

Free 1st Meeting
Fixed Fees
Free Support!

Find out more

Latest News

Can we claim for marketing, entertainment and subscription costs?

The self-employed are often concerned if an expense is allowable or not for tax purposes. In this article, we will …
Read More

Basic monthly tasks if you run your own payroll

One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll.Generally …
Read More

The end of credit card payment surcharges?

From 13 January 2018, it will become illegal for any business to charge a fee in addition to the advertised …
Read More

Twitter Feed