For Immediate Release
Don't Miss Your July Payment on Account to HMRC
Self-Employed Workers Urged Not to Forget July Tax Payment on Account Ahead of Deadline
The UK's self-employed and those with earnings outside of PAYE were today reminded to make their second Payment on Account before the 31stJuly deadline. David Redfern, director ofDSR Tax Claims, issued the reminder to the 4.8 million people registered as self-employed in the UK, urging them to ensure that their second payment on account was received by HMRC ahead of next week'sdeadline or risk being penalised by HMRC. He extended his warning to those who are not registered as self-employed but have earnings outside of their main employment which are not subject to PAYE.
Payments on Accountare used by HMRC to obtain tax revenue for the current tax year, prior to the submission of a Self Assessment tax return. Self-employed workers make two payments to HMRC, one on 31stJanuary and one on 31stJuly, in respect of their tax bill for the current tax year, based on how much tax they were liable for in the previous tax year. Redfern stated that "the 31stJanuary deadline is familiar to most who are required to submit Self Assessment tax returns, but not so many people are aware that they are required to make payments on account with regard to the current tax year - one to be received by the 31stJanuary deadline and the second payment to reach HMRC by 31stJuly. Miss this deadline and you risk a penalty of 5% of your unpaid tax bill".
Redfern issued these words of advice for those taxpayers who were yet to make their payment on account, stating that "if your income this year is substantially less than your income last year, get in touch with HMRC as soon as possible and you should be able to reduce your payments on account to more accurately reflect your income in this tax year. Similarly,if you are having difficulty in paying this second payment on accountcontact HMRC as soon as you can - you may be able to avoid a penalty if you keep HMRC informed and work with them to pay what you owe. Burying your head in the sand, however, will only escalate the problem". He added that those who discover they have paid too much in income tax will be able to claim that back as atax refund.
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About DSR Tax Claims Ltd
DSR Tax Claims Ltd (company registration 11459292) are a firm of tax rebate specialists serving clients nationwide. DSR Tax Claims are tax preparation experts who specialise in identifying potential allowable expenses for tax rebates for clients. Their specialist team can help employed and self-employed subcontractors with all relevant paperwork to ensure their claim is handled in an accurate and efficient manner.
For more about DSR Tax Claims, visithttps://dsrtaxclaims.co.uk/
For media enquiries, please emailpressoffice@dsrtaxclaims.co.ukor call 0115 795 0232
DSR Tax Claims Ltd
Company Registration: 11459292
Registered Office: Suite 637, 109 Vernon House, Friar Lane, Nottingham, NG1 6DQ