The 31 July self-assessment deadline is fast approaching – any 2nd payments on account (POAs) for 2017/18 are due on this date. Here are a few questions to ask before the deadline:
- Do you already have your tax information for the 2017/18 tax year? If so, double check whether you can reduce your POAs now. If so, you will need to make a claim using the HMRC forms
- Did you reduce your 2017/18 POAs when you filed your 2016/17 tax return in January? If so, it is worth checking that you did not reduce them by too much – if this is the case, you will be charged interest from the original due dates (i.e. 31 January and 31 July 2018) to the date of payment.
- Are you new to POAs? Is 2017/18 the first year you are due to make POAs? Don’t forget to pay it…!