Blog

Self assessment tax payment dates

There are two self assessment tax payment dates you need to pay your tax by. The method of payment usually involves two payments on account of your tax liability as follows…

  • one on 31 January during the tax year and
  • another on 31 July following the tax year.

These are based on the net income tax and Class 4 NIC liability of the previous tax year .

A final payment (or repayment) is due on 31 January following the tax year.

Thereafter, there is a 5% surcharge on any taxes that remain unpaid after 28 February, and a further 5% on taxes not paid after 31 July.

Self assessment tax payment

For example…

If your total tax liability for 2012/13 is £5,000 and for 2013/14 is £10,000, you will make payments for 2013/14 as follows…

  • on 31/1/13 – £2500 (half of the 2012/13 total)
  • on 31/7/14- £2500 (half of the 2012/13 total)
  • on 31/1/15 – £10,000 (being the £5000 balance due for 2013/14 and £5000 – half of 2013/14 – on account of 2014/15)

In calculating the level of instalments any tax due on capital gains of the previous year is ignored. All CGT is paid as part of the final payment due on 31 January following the end of the tax year.

The payments on account are not required if…

  • income tax and NIC liability for the previous year (net of tax deducted at source) is below £1000 or
  • more than 80% of the income tax and NIC liability for the previous year was tax deducted at source.

You can also apply to have the payments on account reduced if you expect your liability for a tax year to be less than the previous year.

Contact us if you’d like any help with reducing your self assessment tax payments or with your tax returns.

[one_third]

[button text=”How it works” link=”http://www.cloud-book.co.uk/how-it-works/” color=”darkgrey”]

[/one_third] [one_third]

[button text=”Tax services” link=”http://www.cloud-book.co.uk/tax/” color=”blue”]

[/one_third] [one_third_last]

[button text=”Tax quote” link=”http://79.170.40.168/cloud-book.co.uk/fixed-fees/instant-quote-tax-return/” color=”orange”]

[/one_third_last]

Fee Calculator

£0
Sole Trader
Partnership
Company
Accounts + Tax
VAT Returns + Q Mgt Accs
Bookkeeping + M Mgt Accs
Payroll 4
£0
* Required

Thank you for your enquiry. We will be in touch very soon. Please check your spam folder.

Fees exclude VAT

What our clients say about us
Trevor HolmesTrevor HolmesPrecise Marketing Ltd
I have yet to meet someone as meticulous with numbers and calculations as Paul. An extremely personable individual who knows his work inside-out. He is highly self-motivated, independent and efficient – all the qualities that I look for in an accountant for my business. All of my accounting needs are immediately processed well ahead of schedule. Paul plays a pivotal role in all my financing activities, which allows me to successfully grow my company. He will be an asset to any company that decides to use his services and I recommend him completely for any accounting needs."

see more

Martin KruusimägiMartin Kruusimägi
It has been great working with Paul. He is punctual and accurate, but I most appreciate the fact that I can go to him with any question, no matter how insignificant or elaborate. Thanks Paul, it's been a pleasure!"

see more

Zafer SaygilierZafer SaygilierSayturk Ltd
I have been dealing with Paul for the past 2 years, he has been amazing sorting out my very complex and disorganised affairs in no time and has provided me with clear advice and solutions tailored to me and my operations . I would recommend him and his professional services to anyone without any hesitation."

see more

Mike BellMike BellJourneys To Wellbeing Ltd
Paul Colman takes all the pressure off and lets us get on with our work by taking care of the little detail as well as the big picture."

see more

Iain CowardIain CowardBiggerbet Ltd

Paul did a great job with our accounts. He delivered on deadline with minimum hassle for us. He uses technology very well and this helps provide top-notch service.

see more

D McIvorD McIvorBeyond the Fridge (Frome) Ltd
We’ve been with Cloudbook Accountants for some time now and would highly recommend Paul Colman FCA to any business looking for a truly enlightened advocate of online accounting and integration to online services. Having experienced several accountancy firms during my career, both large and small, I can honestly say that Cloudbook’s holistic approach to our business is by comparison the most efficient and cost effective, something we’ve long been searching for!"

see more

This is the first time I have used cloud based accounting. It has been a refreshing change. I found Paul to be extremely helpful in setting things up being a new user. Communication was done by email and i always received a response within a day. Very knowledgeable and excellent communication. And a fantastic bonus was that the service was 1/3 cheaper than what i was paying using a traditional accountant. I would without hesitation recommend Paul. Just brilliant.

see more

Jhem MurrayJhem MurrayJeystone Media Ltd
We have used several accounting firms in the past and switched quite a few times, but since discovering Paul Colman FCA I can say with confidence that this is the level of service and value we have been looking for all along.

see more

Gabrielle ShegogGabrielle ShegogSimple Software Solutions Ltd

Paul has been invaluable in providing accountancy services for my small business. As a small business owner, my time is valuable and so it's great having the piece of mind that I can rely on Paul to sort out my accounts for me. He is always prompt and clear in explaining anything I don't understand and I look forward to working with him well into the future.

see more

Anthony PearceAnthony PearcePearce UK Consulting Ltd
Good accountant with proven electronic processes."

see more

Annie MulvanyAnnie MulvanyFreelance Show Caller

Paul was a delight to work with. Flexible, understanding and endlessly patient; I would recommend him in a heartbeat.

see more

Jesús CarreraJesús CarreraBitien Ltd

It took me a while to find an accountant that understands the needs of the modern times. Paul is very good at using cloud systems that reduces unnecessary paperwork (specially in printed form), and accelerate communications. My accounting and bookkeeping is less annoying now. Thanks Paul.

see more

L FergusonL FergusonPaul Ferguson Electrical Ltd
I really appreciate your help, I know we pay you but you have been worth every penny and I am truly thankful for your assistance!!"

see more

A CuryA CuryHouse of Greenland Ltd
Since the beginning of our start up and especially during busy and pressuring times, Paul has been by our side to help us dealing with accountancy. His patience with my lack of talent with numbers was amazing - I thank him for that and would recommend him in a heartbeat."

see more

Save Tax!

Pay less tax completeSign up for monthly Tax Tips & News emails and receive this FREE GUIDE

*Email:
First name:
Last name:
Copyright 2016 CloudBook Accountants Ltd | Registered in England and Wales 08966635 | Registered Office: 42 Sefton Avenue, Newcastle Upon Tyne, NE6 5QR
Leave a message: 0191 4065 351 | Email: contact@cloud-book.co.uk | Twitter: @CloudAcountants