31 July 2027: Second payment on account
The second payment on account for the 2026/27 tax year is due by 31 July 2027.
Is this you?
Anyone whose last Self Assessment bill was over £1,000 and not mostly collected through PAYE. Two payments on account, in January and July, are each usually half of the previous year's bill.
The detail
Payments on account are advance payments towards the current year's tax, based on last year. If this year's profit is lower, the payments can be reduced by claiming through your HMRC account or your accountant; reduce them too far and interest is charged on the shortfall.
What it costs
Interest runs from 31 July on anything unpaid. The 5% late-payment penalties apply to balancing payments rather than payments on account, but the interest still adds up. Source: gov.uk and Companies House guidance, checked September 2026.
Now
Check the figure against how the year is going. If profit has dropped, ask us about reducing the payment before it is due rather than after.
