Tax Payments – Don’t Forget
12th July 2017
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31 July is the deadline for making your second payment on account towards your 2016/17 tax liability. We raise some points which you may wish to consider: 

Lower Income

If your taxable income for 2017/18 is lower than the income included on your 2016/17 tax return you may be able to reduce the amount you are due to pay by the end of the month. Although – be careful – if you reduce it when you shouldn’t have you may be liable to a penalty and or interest. If you think its lower we recommend you have your accounts prepared and finalise your tax return to know for sure, best not to guess. 

Unable to make the payment by 31 July

If you do not have funds available to make the payment it is always best to contact HMRC before the payment is due and let them know your situation. If you are the one approaching them they will usually be understanding and you will avoid any penalties. HMRC may set up a payment plan with you, although you need to demonstrate that you have at least tried to raise funds to pay the amount due.

Choosing a payment method

If paying by BACS consider the 3-day time lag on some payments – it’s the date the money is received by HMRC, rather than when you set up the payment

Payment at the Post Office or Bank by card or cash, you will need a payment slip from HMRC – it is worth noting HMRC consider the payment date as the date you pay in, not the date they receive funds – this could be helpful if paying by cheque as it may give you an extra few days before funds leave your account

You can pay using online banking and through your HMRC tax account

If paying by card consider that Credit cards attract and additional fee 

Using the right reference

Each year many payments are identifiable by HMRC as the incorrect or no reference has been used – you will need your Unique Tax-payer Reference (UTR) which is a 10-digit number, this can be found on your tax return or most correspondence from HMRC in respect of your affairs. You should also the letter ‘K’ to the end of the number.

 If you have any queries about your July tax payment, please contact us

www.va-accountancy.co.uk

info@va-accountancy.co.uk

01884 798 140

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Colin S

Member since: 27th February 2014

Hi, I am Colin Slade, I am the New Business Manager here at thebestof Exeter and I handle lots of the PR and News stories for our clients

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