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Self assessment tax date looming

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Taxpayers are being reminded that the date for making the next set of self assessment tax payments will be arriving soon.

The second payment on account for 2009/10 needs to be made by 31 July, along with any outstanding amounts due for the tax year 2008/09.

Tax bills for 2008/09 should have been paid by 31 January. Those that were not will have collected a 5 per cent surcharge as of 28 February. Failure to settle any remaining payments on the tax due for 2008/09 will mean a second 5 per cent surcharge, as well as interest charges.

The tax bills cover income tax, capital gains tax and class 4 national insurance contributions.

The 31 July deadline also applies to those taxpayers who have yet to submit their self assessment returns for 2008/09. Otherwise they will incur another £100 late filing penalty.