08/07/2025
🔔 **Upcoming deadline - 31st July – Self Assessment Second Payment on Account**
If you’re self-employed or receive significant untaxed income (such as from rental properties, dividends, or investments), you may be required to make two payments on account toward your annual income tax bill:
First payment: due by 31 January after the tax year ends.
Second payment: due by 31 July in the same calendar year.
These advance payments are based on your previous year’s tax bill, and they help spread the cost of your tax.
⚠️ **What Happens If You Miss the 31 July Deadline?**
If you don’t pay by 31 July, you may face:
Interest charges – HMRC will begin charging daily interest on the unpaid amount, currently at 7.75% (as of mid-2025).
Penalties – If the payment is still outstanding after 30 days, HMRC may apply a 5% late payment penalty.
Debt collection – Ongoing non-payment can lead to enforcement action.
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