By Kyle Fraser, Trainee Accountant at Hive Business

It’s that time of the year again. It’s summer. Beach holidays are planned, BBQ’s in the garden are in abundance… however, for some, there may be a small issue of an outstanding tax payment. On July 31st, for those who are self-employed, your second payment on account will be due for the 2018-2019 tax year.

DOES THIS APPLY TO ME?
There are a number of people that will not be subject to any July payments on account.

If your personal tax bill is under £1000, you will not pay as all of your tax should have been paid in January 2019. Another instance would be if 80% or more of your tax has already been deducted at the source e.g. PAYE. If you have overpaid, you should expect a repayment or if you actually received a repayment from HMRC in January 2019.

HOW MUCH DO I NEED TO PAY?
If you have an account on the HMRC website, you will be able to see what your July payment is, however most of you who are subject to this payment should have already been told by your accountant. Please note, payments on account for the self-employed do not include anything that you owe for student loans or capital gains (increases in capital asset values).

HOW DO I PAY MY PAYMENTS ON ACCOUNT?
You can pay HMRC in a number of ways as they accept most payment methods with BAC’s, Direct Debit’s, CHAP’s and Corporate Credit Cards.

If you are a Hive client and are unsure if you need to make a payment then please get in touch.