Have you missed the 31 July tax deadline?
If you were due to make your second payment on account for the 2024–25 tax year by 31 July 2025 and missed the 31 July tax deadline, do not panic – but do act promptly. Interest is already building, and further penalties may apply if no action is taken.
Here are the steps you should take now:
Missed the 31 July tax deadline – what to do now – check what you owe
Log into your HMRC personal tax account to confirm the amount still outstanding. This will include the second payment on account for 2024–25 and possibly interest from 1 August 2025. Take a screenshot or save a copy for your records.
Make payment as soon as possible
Even a part payment will help reduce the interest being charged daily. If you can pay in full, do so now to prevent any further charges. The easiest methods are bank transfer or debit card using the details in your tax account.
Reduce the payment if your income has fallen
If your 2024–25 income is lower than the previous year, you may be able to reduce the payment on account using your online tax account or form SA303. Be realistic as HMRC will charge interest if your claim is too low, and penalties may apply if it is not based on reasonable grounds.
Consider a Time to Pay arrangement
If you cannot pay in full, contact HMRC to request a Time to Pay plan. These can often be set up online if the amount owed is less than £30,000 and all tax returns are up to date. If approved, this allows you to spread the cost over monthly instalments. Applying early may help you avoid late payment penalties.
Act before 30 August 2025
If the payment is still outstanding by 1 September 2025, HMRC will add a 5% late payment penalty to the balance. A further 5% is charged at six and twelve months. Acting now can prevent these additional costs.
File your tax return early
Submitting your 2024–25 Self-Assessment return early will confirm your actual tax liability. You may be entitled to a refund if your payments on account were too high.
We act for a wide range of private clients, if you need help reviewing your tax position, adjusting your tax payments, registering for self-assessment or arranging Time to Pay, please contact our tax team who may be able to assist on 020 7870 9050 or email us at hello@rpgcc.co.uk.
Acting now could prevent unnecessary interest and penalties.
