AVOID INTEREST – PAY TAX ON TIME

Yet another tax payment deadline is fast approaching. If you are in the payments on account regime for income tax, the second payment on account for 2012-2013 is due for payment on 31 July 2013.

HMRC have sent statements out relatively late this year and they should be arriving in the next few days. However, it is ultimately your responsibility to make sure the payment reaches them on time.

Any late payments will be subject to interest at HMRC’s elevated rate of 3%.

If you believe that your payments on account are too high based on your actual income for the 2012-2013, you can apply to HMRC for these to be reduced prior to payment.

If you would like any assistance in how to make or reduce these payments, please contact Christine Wallwork (christine@in-accountancy.co.uk) on 0161 975 6685.

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