Self assessment payment on account due on 31 July

09 Jul 2024

The second payment on account towards income tax self assessment liabilities and Class 4 national insurance contributions (NICs) for 2023/24 is due by 31 July 2024.

The Institute of Chartered Accountants in England and Wales (ICAEW) is warning taxpayers to prepare for the 31 July 2024 payment deadline. Missing the deadline could prove to be expensive as HMRC's interest rate for late payments is currently 7.75%.

Although the due date for paying ITSA and Class 4 NICs for 2023/24 is 31 January 2025, some taxpayers are required to make payments on account.

The first payment was due on 31 January 2024 and the second is payable on or before 31 July 2024. The amounts are calculated according to the person's liabilities for 2022/23.

Payments on account for 2023/24 are reduced where the person's liabilities for 2023/24 are less than that for 2022/23.

The ICAEW stated: 'Care should be taken to ensure that it is appropriate to make a claim. HMRC may charge a penalty where a taxpayer fraudulently or negligently makes an incorrect statement in a claim to reduce a payment on account. The maximum penalty is the difference between the payment that should have been made and the amount that was paid.'

Home | Contact us | Accessibility | Disclaimer | GDPR (including Standard Terms of Business) | Help | Site map |

© 2024 BPU Accountants. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

BPU Chartered Accountants is the trading name of BPU Ltd Company number 3723948 registered in Wales. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

BPU Financial Solutions Ltd is an Appointed Representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority. ValidPath Limited is entered on the Financial Services register ( under reference 197107.

BPU Accountants, Radnor House, Greenwood Close, Cardiff Gate Business Park, Cardiff CF23 8AA
BPU Accountants, The Counting House, Pound Field, Llantwit Major, Vale of Glamorgan CF61 1DL