Personal Tax – Payment on Account Reminder

If your personal tax for Self Assessment in January was more than £1,000, HMRC require that you make your second payment on account by 31st July 2014 as they require you make two payments within the year. The first is paid in January and the second by 31st July 2014. A payment on account equals one half of the previous year’s tax liability.
You can find details of these amounts on your personal tax computation saved on the client portal.  Please check the amount as detailed on the computation, to ensure when making payment, the correct payment amount is made. 
Payment can be made by cheque, bank transfer or using the following link:

https://www.billpayment.co.uk/hmrc/scripts/index.asp

  •          Click pay now
  •          Click pay under self assessment
  •          Enter your unique tax reference number (10 digits) and the amount to be paid and the remainder of your details

Should you have any queries regarding your personal tax return, please contact the Account Support Team in the first instance.

More Blogs

Why choose a specialist e-commerce accountant over a general accountant

Are your ecommerce sales soaring, but your profits aren’t increasing as much as you’d like? Are you worried that you may not be setting enough aside to pay your tax bill when the time comes? If you’ve been asking yourself any of these questions, it’s likely that you’ve already decided to look into hiring an accountant. The number of accountants out there can seem overwhelming, and it can be tempting to make your choice based primarily on price. However, can you be sure that a general accountant fully understands your type of business? That’s where specialist ecommerce accountants come in.

Accounting Team

The benefits of using an accountant for small business

Being a small business owner means wearing many hats. With so much to do, it can be challenging to stay on top of it all. To help ease the load, many entrepreneurs turn to accountants for extra support to ensure the financial well-being and overall success of their businesses. Serving as financial custodians, accountants for small businesses play a crucial role in maintaining accurate and compliant financial records, ensuring adherence to the complex regulatory landscape. Beyond the traditional scope of bookkeeping, they are instrumental in strategic financial planning, offering insights into budgeting, cash flow management, and tax optimisation. Accountants act as advisors, guiding small businesses through economic uncertainties and helping them navigate changing tax laws. Their expertise is not only pivotal in avoiding compliance issues and potential audits but also in providing essential support for sustainable growth.

Accounting Team

The main reasons why SMEs may need an accountant

Small and Medium Enterprises (SMEs) often face unique financial challenges, especially during their early years of operation. Keeping track of finances can prove difficult, with some business owners forgetting to maintain their books and worse. By seeking assistance from accountants for SMEs, business owners have one less thing to worry about as these professionals provide expert guidance in managing financial records, ensuring compliance with tax regulations, and optimising overall fiscal strategies. Their expertise not only ensures that businesses remain compliant with ever-evolving tax laws but also assists in making informed decisions that contribute to long-term growth. Accountants provide SMEs with a comprehensive understanding of their financial standing, enabling them to identify areas for improvement and capitalise on opportunities.

Accounting Team