If you’re a self-assessment taxpayer, then your second income tax payment on account for the 2017/18 tax year is due on 31st July .
The payment will have been calculated based on your final tax liability for the year ended 5th April 2017, with the first payment having been made in January 2018, and the credit for both payments is then taken into account when completing the 2018 self-assessment tax return.
If the payment has not been made by 31st July , then interest will start to accrue on the unpaid amount from 1st August.
If you feel your income from all sources is lower than in the previous tax year you may still have time to reduce the payment due, even if you cannot submit your tax return before that date. However, bear in mind that if you do elect to reduce the payments and then the final liability is higher you may end up paying interest on the difference between the reduced and actual figures.
For help with personal and business tax, please get in touch with the team at Optimum.
