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Regular tax efficiency reviews to reduce your tax bill. Proactive checks of your bookkeeping records. Automated bank feeds to speed up your bookkeeping. Live chat support on our bookkeeping software. Free representation during a HMRC investigation. Get An Instant Quote. Get An Instant Quote We will never share your details with any third-party. You are responsible for complying with tax law and should seek independent advice if you require further information about the content included in this guide.
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Award-winning accounting software trusted by over , small businesses and freelancers. FreeAgent makes it easy to manage your daily bookkeeping, get a complete view of your business finances and relax about tax. Registered in sunny Scotland No. What are payments on account? Making payments on account Payments on account are due on 31st January during the tax year , and 31st July soon after its end.
Sections Do you need to make a payment on account? How payments on account work Show me an example Why would the taxman do that? Who has to make payments on account? Can I lower my payment on account? What happens if you miss the deadlines? There's likely to be less time for checking the accuracy of what is stated compared to your income streams.
What if you have a query and need help from HMRC? That's a notoriously time consuming process. Their lines are bombarded with these kinds of calls. Avoid it if you can! It could impact on your submission. Your accountant will likely deal with a lot of tax returns on behalf of their clients. Especially in January! If you provide your information close to the deadline then you could end up rushing when collating information and missing out key items from the data you supply.
The risk then is a late filing. A situation your accountant might not be able to avoid. So, if you're required to fill out a self assessment tax return then you'd do well to follow this plan.
That way potential savings can be achieved and late payment penalties avoided:. Please be aware that information provided by this blog is subject to regular legal and regulatory change. We recommend that you do not take any information held within our website or guides eBooks as a definitive guide to the law on the relevant matter being discussed. We suggest your course of action should be to seek legal or professional advice where necessary rather than relying on the content supplied by the author s of this blog.
Beyond the balance sheet. How then do you go about paying HMRC? When should you make payment? Related posts -. Read More.
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