The Closing Date in Self-Assessment is Approaching
The ACCA has warned that the deadline for making payments on account with regard to some taxes is just one week from now. This is the case even though the chancellor has suggested having these deadlines abolished. The payments on account refers to the payments made in advance with respect to the final tax bill and for those in employment, they include the National Insurance of Class four. 31st July is the closing date in making the first payment.
The head of taxation in ACCA, Chas Roy-Chowdhury commented: ‘After this was made public in March, most people think that the taxation deadline is outdated, but this is wrong. The self -assessment tax payers who are unable to have their bill cleared through the PAYE scheme of an employer (partners and sole proprietors) require paying 50 % of their tax on account basing it on the liability incurred the previous year.’
Following the increase in numbers of people in self- employment in the past five years, those expected to pay tax on account is also likely to increase. If you are likely to get a tax bill in January, you need to keep in mind the deadline for making payments during the course of the year.
More of ACCA
ACCA is the accredited body that oversees the professional accountants. This body offers first class and business relevant qualifications for those who have made an application, shown ambition and ability throughout the world and who would like a rewarding career in finance, management and accountancy.
Through its interest to the public, ACCA helps in promoting suitable regulation in accounting and conducting appropriate research in order to ensure that accountancy keeps on growing in influence and reputation. The ACCA profession is open to people of diverse backgrounds as it eliminates all artificial barriers.
The body continues to hold exceptional opportunities, diversity, core values, accountability and integrity. This is because it feels that in every stage of development, it brings economic values and develops great capacity in the profession and embraces the world standards. The core values upheld are aligned to the employer’s needs in every sector and prepares accountants for thorough business.