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When do I have to pay Payments On Account?

Payments on account are usually due by midnight on the 31st of January and the 31st of July following the end of the Tax Year that you filed your Self-Assessment Tax Return for. If you completed a Self-Assessment Tax Return for the 2022/23 Tax Year, you should have paid your first payment on account by 31st January 2024, and will be due to pay your second payment on account by 31st July 2024.

 

If there’s further tax to pay after you’ve made your payments this would be due by midnight on the 31st of January next year, this is classed as a balancing payment. 

 

So for example, your bill for the 2023/24 tax year is £5,000, you made 2 payments on account of £2,000 each in 2023, your balancing payment due by midnight on 31st January 2025 would be £3,500.

This includes the balancing payment of £1,000 plus the first payment on account of £2,500 towards your 2024/25 tax bill. The second payment of £2,500 would be paid by the 31st of July 2025.

 

HMRC regularly issue statements to individuals registered on Self-Assessment, and these can also be viewed online via your Business Tax Account, or your Accountant or nominated Tax Agent can look into these for you.

If you overpay your taxes through payments on account HMRC would give you a refund.

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