Self-assessment tax payers who make payments on account will need to make the second of their 2018-19 payments by the 31st July.
You should have been told to make this payment via a letter from HMRC in the last couple of months.
However, HMRC systems haven’t picked up the payments on account for a large number of tax payers.
They will know this as they won’t have had a letter asking them to pay from HMRC.
We have spoken with HMRC who told us that if there is no balance showing in the taxpayers digital account, then they won’t expect to receive it.
They have said it is their mistake and there will be no interest or surcharges added to your bill. You will need to pay it by 31st January 2020 when you make the balancing payment.
Should you voluntarily pay?
Whilst we don’t like to offer money to HMRC willingly, we would normally advise most of our customers to pay it if we’ve asked them to. This is so that you’re not stung with a tax bill of up to 3 times what you normally pay then.
If you don’t make the payment on account, then you will need to pay it January, plus any balancing payment on account plus this current tax years payment on account! Not what you need in January when you’re potentially paying credit cards off after Christmas!
If you do voluntarily pay, we would advise you call HMRC and let them know what you’ve done so they hold it on account for you.
If you have any questions, let us know!