Self assessment deadline fast approaching - are you ready?

If you pay your income tax through self assessment and use payments on account, the deadline for your next payment is just around the corner - midnight on 31 July.

Payments on account mean that instead of paying your full tax bill in one lump sum, you can spread the cost across the year by making two payments.

These are due on 31 January and 31 July - so that means if you haven’t paid yet, you’ve only got a few days to do so.

If you're not sure whether payments on account apply to you, check your latest self assessment statement or your online HMRC account.

What happens if I miss the deadline?

If you don't pay by midnight on 31 July, you may be hit with added interest and late payment penalties.

So the longer you leave it, the more your tax bill is likely to go up.

How can I check what I owe?

If you need to make a payment on account, you can check how much you owe by:

• looking at your latest self assessment statement
• signing in to your online HMRC account

Your account will show how much is due and the payment deadline.

What can I do if I can't afford the payment?

If you don’t think you’ll be able to pay by the deadline, don’t just ignore it.

Instead, call HMRC’s income tax helpline on 0300 200 3300.

Explain your situation and why you can’t pay your tax bill right now.

It’s also worth asking about a time to pay arrangement - an agreement with HMRC that may let you spread the cost over a longer period through affordable instalments.

It won’t reduce how much you owe.

But it can make repayments more manageable.

It’s always better to contact HMRC before the payment deadline rather than after.

They may be more willing to agree a payment plan if you get in touch early.

How do I make the payment?

The quickest and easiest way to pay is through the HMRC app. 

You can also pay through your online HMRC account using one of the available payment methods.