31 July: Payment On Account Reminder

The Self Assessment return second payment on account deadline is approaching (31 July 2025). Your Whitings contact will be sending out payment reminders with the details of how much income tax you need to pay and what payment reference is needed. These details are also shown on your tax return letter or email for your 2023/24 tax return.

Payments on account are advance payments towards your income and capital gains tax bill, and each payment on account is calculated as half of your previous year’s tax liability. The payment due by 31 July 2025 will therefore be an advance payment towards your 2024/25 tax liability.

If you believe that your tax will be lower in the 2024/25 tax year, in comparison with the 2023/24 tax year, then by submitting your self-assessment tax return before 31 July you may be able to reduce the July payment on account. Alternatively, you could submit an SA303 election to HMRC to reduce your payments on account, based on estimates.

If you wish to make the payment on account now you can log into your personal tax HMRC gateway and pay online, you can also pay through the HMRC app, or use one of the following methods:

Same Day or Next Day Payment

You can pay:

• • Through your online bank account
  • Using online or telephone banking (Faster Payments)
  • By CHAPS
  • By debit or corporate credit card online
  • At your bank or building society

You need a paying-in slip from HMRC to pay at a bank or building society.

3 Working Days

You can pay by:

• • Bacs
  • Direct Debit (if you’ve set one up with HMRC before)
  • Cheque through the post

5 Working Days

You can pay by:

• • Direct Debit (if you have not set one up with HMRC before)

These payment methods can also be found on the government website: https://www.gov.uk/pay-self-assessment-tax-bill

Get In Touch

For more information or advice, or to find out how Whitings can assist you with your Self Assessment, contact your local Whitings LLP office today.

Disclaimer - All information in this post was correct at time of writing.