Self Assessment July Tax Bill

The second payment on account for the 2024/25 tax year is due by 31 July 2025. You will need to make payments on account of your 2024/25 tax bill if your tax and Class 4 National Insurance bill for 2023/24 was £1,000 or more, unless at least 80% of your tax bill is collected at source, for example through PAYE. Each payment on account is 50% of your 2023/24 tax and Class 4 National Insurance liability.

As the 2024/25 tax year has now ended, you will be able to assess your profits for that year. If they are less than in 2023/24, you may wish to reduce your payments on account to reflect your actual profits and the tax and National Insurance that you will be liable to pay. This can be done through your personal tax account or on form SA303.

It should be noted that if you reduce the payments by too much, you will be charged interest on amounts not paid on time.

We can help you review your payments on account and determine whether these should be reduced.