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Payment on account: What you need to know

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The 31st January is the deadline everyone knows about, you must file your tax return and pay any taxes due. However, if you have a self-assessment tax bill of more than £1,000 a payment on account may also be required.
On 31st January each year you may need to make a payment to HMRC. This payment will settle any outstanding tax for the last tax year, plus an upfront payment for the next tax year.
You would also need to make a further payment on account on or before the 31st July per year.
Both payments are based on what you earned last year, instead of the current state of your finances. That’s because HMRC can’t predict how your income is going to fluctuate; it’s assumed that you’re bringing in the same, every tax year, even though that might not be the case.
GoSimpleTax is a secure cloud-based solution and it is officially- recognised by HMRC.
Our software includes partnership, non-resident and previous year returns, it has an easy-to-use interface and submits direct to HMRC.
GoSimpleTax are ready for MTD and the software shows the Tax liability in real time with a simple dashboard allowing you to switch between clients easily.
IAB members receive a 25% discount on GoSimpleTax to receive your discount code sign-up here www.gosimpletax.com/tax-iab (example 100 client submissions £195.00 inc using discount)

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