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Self-assessment deadline approaching

by Susie Hughes at 12:11 22/07/15 (News on Business)

The Chancellor may have proposed abolishing tax deadlines for most people but for those who make payments on account there are still deadlines to remember and one of them is only a week away.

Advertisement Payments on account are advance payments towards the final tax bill, including Class 4 National Insurance for those who are self-employed. The deadline for the first payment is July 31. Chas Roy-Chowdhury, , Head of taxation at accountancy body, ACCA said: “Following the Chancellor’s announcement in March many people think tax deadlines are a thing of the past, but that isn’t true. Taxpayers in self-assessment who can’t clear their bill through an employer’s PAYE scheme (most sole traders and partners) have to pay half their tax on account, based on last year’s liability. “With the rise in the number of self-employed people over the past five years the number of people who have to pay on account will likely rise as well. If you know you will be getting a tax bill come January you must remember the deadlines for payment throughout the year.” Tweet -- If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'. - Susie Hughes © Shout99 2015

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