Self assessment tax date looming

20 July 2010

Taxpayers are being reminded that the date for making the next set of self assessment tax payments will be arriving soon.

The second payment on account for 2009/10 needs to be made by 31 July, along with any outstanding amounts due for the tax year 2008/09.

Tax bills for 2008/09 should have been paid by 31 January. Those that were not will have collected a 5 per cent surcharge as of 28 February. Failure to settle any remaining payments on the tax due for 2008/09 will mean a second 5 per cent surcharge, as well as interest charges.

The tax bills cover income tax, capital gains tax and class 4 national insurance contributions.

The 31 July deadline also applies to those taxpayers who have yet to submit their self assessment returns for 2008/09. Otherwise they will incur another £100 late filing penalty.