Millions of Self Assessment customers are expected to make a ‘payment on account’ to HM Revenue and Customs (HMRC) by the 31 July deadline in a bid to spread the cost of their tax bill for the 2023 to 2024 tax year.
More than 12 million people need to file a Self Assessment return for the 2023 to 2024 tax year and pay any tax owed before 31 January 2025.
However, to help spread out payments throughout the year, many people have to pay their tax by making 2 payments on account. If the previous year’s tax bill was over £1000, each payment is half that amount with the first payment having been made on 31 January and the second one due on 31 July.
If there is still tax to pay after customers have made their payments on account, they will need to make a ‘balancing payment’ by 31 January 2025.
Payments can be made securely via the HMRC app at any time of day or night.
Those who have yet to file their tax return for the 2023 to 2024 tax year, can do it early so they know what they owe and can decide how best to make the payment in full by the deadline.
Filing early also means that if a tax refund is due, they can receive it sooner.
There are a range of payment options, including weekly and monthly payment plans, available on GOV.UK. Customers can set up a plan before they have filed their tax return and the payments will be used against their next tax bill.
Those who are new to Self Assessment will need to register to get their Unique Taxpayer Reference before they can file their tax return. Anyone who is unsure about whether they need to file a tax return can use the online checking tool on GOV.UK.
Visit GOV.UK to find out more about Self Assessment and how to file a tax return.
Visit GOV.UK to download the HMRC app
HMRC has updated guidance on filing tax returns early and help around paying tax bills on GOV.UK.
Online help and support is available for customers who need support in completing their Self Assessment tax return.
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