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Payment on account deadline – can you reduce the amount due?

For those taxpayers who make payments on account, a further payment of tax on account of the 2015/16 tax year is due on 31 July 2016.  The payment will have been calculated as an estimated figure based on 50% of your 2014/15 income tax liability.  If your income in 2015/16 is likely to be lower and you have not yet completed your Tax Return for the year, you may want to get your information to your adviser as soon as possible.  This will enable them to advise you of your overall liability for the year and whether or not you can make a lower payment on account.  Go on, get those papers out and see if you can improve your cashflow! 

 

 

Date: 1st July, 2016
Author: Cathy Corns

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