Reminder for Self Assessment payments

For those sole traders and directors that have self-assessment tax commitments, the second payment on account is due by 31 July 2026.

It will be important to check what’s due and pay the bill online by the deadline. If there are problems with paying the full amount, there may be the option of using HMRC’s Time to Pay arrangement.

Payments on account are advance payments towards the next tax bill, typically 50% of the previous year’s tax bill, excluding Capital Gains Tax (CGT) and student loan repayments. These are usually due in two instalments on 31 January and 31 July.

If your income has fallen, there may be scope for reducing your payments on account to avoid overpaying.

If your tax bill was under £1,000 or more than 80% was collected at source, HMRC may not need to take payments on account. 

If you need any help with payments on account, applying for a Time to Pay arrangement or applying to reduce payment on accounts correctly, please let us know as we’d be happy to help.