Second tax payments due 31 July

A reminder that the second instalment of your advanced payment towards your self-assessment tax bill is due by 31 July 2021.

Each year, two payments are made to a self-assesment tax bill which are due by 31 January and 31 July.

There are some scenarios where you are exempt from these two payments including:

• Where the last self-assessment tax bill was less than £1,000
• 80% of the tax owed has already been paid 

Tax returns

Whilst the final deadline for your tax returns for April 2020 – April 2021 is 31 January 2022; we always recommend that you get ahead and start to complete your online self-assesment tax return sooner rather than later.

This means you will understand your tax liabilities well in advance of the deadline allowing you to plan ahead if necessary.

You may also find that you could benefit from working with an accountant this year to navigate government schemes as well as working from home benefits available. An accountant can help flag tax liabilities and any tax relief benefits that could otherwise be missed.

Capital Gains

The payments on account due in July do not include Capital Gains.

Therefore, if you owe payments due to Capital Gains Tax such as from a sale of buy to let properties or holiday lettings you must report this to HM Revenue & Customers (HMRC) within 30 days of the sale.

These new timings for capital gains payments came into force in April 2020. Read more about Capital Gains and where tax relief may apply here.

Accountancy services, Oxted

We know that running a business is hard especially with the year we’ve just had. Therefore, we can take that pressure off by helping you to keep your tax and financial affairs in order!

Let us take care of your personal tax returns. We can ensure that all your obligations are met.

Contact our team of accountants in Oxted, Surrey to discuss our compliance, outsourcing and advisory accounting services including;  annual accounts, partnership tax, employment tax, self-employment tax, payroll outsourcing services and bookkeeping services.