20/07/2026
π¨ SELF ASSESSMENT ALERT! DON'T GET CAUGHT OUT... π¨
π
Your 2nd Payment on Account is due by 31st July!
If you're self-employed and make Payments on Account, don't forget this important deadline.
π· What is it? Your Payment on Account is an advance payment towards your 2026/27 Self Assessment tax bill. HMRC usually asks for two advance payments each year (31st January and 31st July) based on your previous year's tax bill.
β οΈ Why is it important?
β Miss the deadline and HMRC will charge late payment interest
β Leave it until the last minute and you could put unnecessary pressure on your cash flow
π‘ Think your income has reduced? You may be able to reduce your Payments on Account if your profits are lower this yearβbut be careful, reducing them too much could mean interest is charged if you've underpaid.
π Not sure whether you need to pay, or think your Payment on Account is wrong? Get in touch and I'll be happy to help before the deadline.
π§ [email protected]
π www.taxresults.co.uk