If you’re self-employed, you get the pleasure of paying HMRC not just once, but twice. There’s your tax bill, which is due by 31 January (or 31 October, if you file using a paper return). And then there are payments on account, which are due twice a year.
Tags: payments on account
Updated March 2019
In the UK, estimated taxes are known as payments on account. We explain when you might have to pay them, how to go about it and how to get a refund from HMRC if it turns out you’ve paid too much.
As hard as you might work to prepare your taxes and pay them on time, sometimes the unexpected happens. Which means meeting the deadlines might be impossible. Unfortunately, HMRC doesn’t allow tax extensions. And it’ll slap you with heavy fines if you file late. That said, you may be able to avoid paying the fine by filing an appeal.
Here’s how to go about this.