People who file self-assessment tax returns are being reminded that the next date for making a payment is imminent.
The year’s second instalment of payments on account for 2008/09 is due by 31 July.
Anyone who does not make the payment of tax owing for the second half of 2008/09 will face the risk of a 5 per cent surcharge on the amount due, while interest will begin to accumulate on the outstanding sums.
While the January deadline carries a month’s leeway before the surcharge becomes payable, the July date is not so accommodating, and the penalty charge will apply at once.
The date affects some 10 million taxpayers.
This material is for informational purposes only and should not be relied upon as professional advice.
