Don’t forget the 31 July payment on account deadline
The second payment on account towards income tax self assessment (ITSA) liabilities and class 4 national insurance contributions (NIC) for 2023/24 is due by 31 July 2024.
Although the due date for paying ITSA and class 4 NIC for 2023/24 is 31 January 2025, some taxpayers are required to make payments on account. The first payment was due on 31 January 2024 and the second is payable on or before 31 July 2024. The amounts are calculated according to the person’s liabilities for 2022/23.
We are warning clients to prepare for the 31 July 2024 payment deadline. Missing the deadline could prove to be expensive as HMRC’s interest rate for late payments is currently 7.75%.
Please do not hesitate to contact us on 020 86650767, if required.