If you are a self-assessment tax payer you may have had a payment on account to make for the 2015/16 tax year by 31 July 2015. You can usually identify if a payment on account is due by referring to your statement issued by HM Revenue & Customs.
Payments on Account don’t apply to everyone. If you are already a client of Parkers Accountants and Chartered Tax Advisers we’ll already have written to you separately to notify you of the payment that you needed to make.
If you did not meet the deadline of 31 July 2015 you are not yet liable to a penalty, although interest will be accruing. You should make your payment straight away.
A penalty of 5% of the payment on account will be charged if you have not made your payment by 30 August 2015. Further penalties may also apply if payment is not made after 30 August 2015.
If you have any queries about your self-assessment position, please contact the Parkers team.