Self Assessment tax warning: Deferred payments on accounts are due next month – get ready | Personal Finance | Finance

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“You then make a second payment on account of £1,500 on 31 July 2020.

“If your tax bill for the 2019 to 2020 tax year is more than £3,000 (the total of your two payments on account), you’ll need to make a ‘balancing payment’ by 31 January 2021.”

Payments on account will not include anything owed for capital gains or student loans for the self-employed.

In some instances, individuals may overpay or underpay these bills and if this happens, HMRC will either refund the money or charge interest accordingly.




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