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Self Assessment payment on account: your 31 July deadline is approaching
If you make payments on account for Self Assessment, mark your calendar — your second payment for the 2025/26 tax year is due by 31 July 2026. Missing this deadline means HMRC starts charging interest straight away, so it's worth sorting out now rather than leaving it to the last minute. Here's what you need to know. What is a payment on account? Payments on account are advance payments towards your next tax bill. If you're required to make them, they're usually split into two instalments:
Each payment is typically 50% of your previous year's tax bill (Capital Gains Tax and student loan repayments aren't included in this calculation). Not everyone has to make payments on account. You may be exempt if your last Self Assessment bill was under £1,000, or if more than 80% of the tax you owed was already collected at source (for example, through PAYE). What you should do now 1. Check what's due and pay by 31 July The simplest option is to pay online. Log in and settle your bill via HMRC's Self Assessment payment page. 2. Can't pay in full? Plan ahead If you're not going to be able to pay the whole amount by the deadline, don't wait for HMRC to chase you. You may be able to spread the cost with a Time to Pay arrangement, which you can set up online. Getting this in place before the deadline is far better than dealing with it after interest has started accruing. 3. Income dropped this year? You might be able to reduce your payment Payments on account are based on last year's tax bill — but if your income for 2025/26 is lower than the year before, you could end up overpaying. If that sounds like your situation, get in touch with us. We can help you review your figures and, where appropriate, apply to reduce your payments on account so you're not handing HMRC more than you need to. Why acting now matters A payment made even a day late starts attracting interest, and nobody wants an unnecessary bill on top of what they already owe. A little planning now — checking the amount, arranging payment, or flagging a change in income — is all it takes to avoid that. If you're unsure what you owe, whether you're exempt, or whether you should apply to reduce your payments, get in touch with us before 31 July. We're happy to help you get it right. Further reading: Understand your Self Assessment tax bill and payments on account (GOV.UK)
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Making Tax Digital for Income Tax – What You Need to KnowFrom April 2026, the biggest change to Self Assessment in over 25 years begins with the introduction of Making Tax Digital (MTD) for Income Tax.
Rather than submitting one tax return each year, many self-employed individuals and landlords will need to keep digital records and send quarterly updates to HMRC using compatible software. At Jude Rose Accountancy, we’ll help our clients through the transition, but it’s useful to understand the key dates and your responsibilities. Who Will Be Affected?You will be required to join MTD if your qualifying income exceeds the relevant threshold. Qualifying income is your gross (before expenses):
Who is affected 6 April 2026 Self-employed individuals and landlords with qualifying income over £50,000 6 April 2027 Qualifying income over £30,000 6 April 2028 Qualifying income over £20,000 Quarterly Filing Deadlines For clients joining from April 2026, the standard quarterly deadlines are: Submission Deadline Quarter 1 6 April – 5 July 2026 7 August 2026 Quarter 2 6 April – 5 October 2026 7 November 2026 Quarter 3 6 April – 5 January 2027 7 February 2027 Quarter 4 6 April 2026 – 5 April 2027 7 May 2027 Following the fourth quarterly update, an End of Period Statement (EOPS) and Final Declaration will also be required to finalise your tax position. Your ResponsibilitiesUnder MTD you will need to:
How Jude Rose Accountancy Can HelpThe move to MTD doesn’t need to be daunting. We can help by:
If you’re unsure whether you’ll be affected, or would like to prepare before the new rules take effect, we’d be delighted to help. Need advice? Contact Jude Rose Accountancy today for a friendly, no-obligation discussion about how Making Tax Digital may affect you and your business. Small Companies: Will You Still Hide Your Profit & Loss Account?From April 2028, small companies and micro-entities will be required to file a profit and loss account with Companies House as part of the reforms introduced under the Economic Crime and Corporate Transparency Act 2023.
The government has now confirmed that, although profit and loss accounts will need to be filed, smaller companies will be able to opt out of having those accounts published on the public register. This raises an interesting question for business owners: If an opt-out is available, will you still choose to keep your profit and loss account private? Many small companies have historically valued the ability to file abbreviated information, limiting what competitors, customers, suppliers and employees can see about their financial performance. Others may decide that transparency helps build trust with stakeholders and demonstrates financial strength. The reforms will not take effect until 1 April 2028, giving companies more than 21 months to prepare from the start of the first affected accounting period. Key changes include: • Small companies and micro-entities will be required to file a profit and loss account with Companies House. • All companies will need to file accounts using commercial software. • Smaller technical changes to the accounts filing regime. • An opt-out will be available to prevent publication of the profit and loss account, although full details are yet to be announced. The real question is whether businesses will embrace greater transparency or continue to keep their profitability out of the public eye. What would your company do? Companies House Glitch – What Directors Should Know A recent issue with the Companies House website has raised concerns about the security of company information in the UK. According to reporting in the Financial Times, Companies House temporarily suspended parts of its online filing service after a software glitch exposed confidential information and potentially allowed unauthorised changes to company records. What happened? The problem related to the WebFiling system used to update company records. Due to a bug in the website:
The issue reportedly involved a technical flaw where users could manipulate the system simply by navigating backwards in their browser. Companies House responded by suspending the affected service while investigating the issue. Why this matters for business owners For most companies this is unlikely to cause any immediate problems, but it highlights an important point: The Companies House register is largely based on trust and self-reporting. While reforms are underway, historically it has been possible for incorrect information to appear on the register. That means business owners should periodically check their company record. Practical steps for directors If you run a limited company, it is good practice to: 1. Check your Companies House record regularly Look for:
The Companies House authentication code allows filings to be made for your company. Treat it like a password. 3. Be alert for fraud Watch for:
Final thought The UK company register is one of the most open corporate databases in the world. That transparency is valuable — but it also means directors should take a proactive role in monitoring their company records. If you would like help reviewing your company records or understanding your filing obligations, feel free to get in touch. I’ve created a WhatsApp updates channel where I will occasionally share practical reminders and tips relating to tax, accounting and finance for small businesses.
The aim is simply to provide short and useful updates on topics such as tax deadlines, record-keeping tips and other matters that may be helpful for business owners. Updates will be brief and posted from time to time when something useful arises. If you would like to receive these occasional updates, you can follow the channel here. 👉 Follow the Jude Rose Accountancy WhatsApp updates channel Updates will be occasional and intended to be short and practical. If you would like assistance with accounts, tax returns or bookkeeping, please feel free to get in touch. The article below sets are a few forthcoming changes to UK law.
One of the biggest is Director verification. This does not take long, however, without it you will not be able to satisfy Companies House requirements. https://changestoukcompanylaw.campaign.gov.uk/ Take a read and get in touch if you need to talk through. It is said that it takes 21 days to form a habit, I think this is true.
One of the biggest benefits for me is being proactive and setting out the requirements beforehand; I can avoid that ‘I will do it tomorrow’ tactic by making sure all my gear is ready the night before thus removing one of the excuses of not being able to find socks! I enjoy running early in the morning to start the day positively and it means I start planning the day while I am exercising. On one of my recent runs I started thinking of the similarities between running and personal budgeting. Some of my thoughts were Start small
The key message here is by some simple planning and forethought, you can establish habits that will have benefits in the long run to your physical and financial health. Feel free to contact us if you’d like to discuss anything further. Hard to believe that it's nearly Christmas again, where does the time go?
Another Christmas is quickly approaching and before we know it will be Jan 2020. With all the excitement of Christmas it's all too easy to forget the pending self assessment deadline. I thought I would post an article to remind people of the deadline (31st Jan) and some helpful tips. It's only 60 days from today (1st Dec) 1. Get organised - as someone said "a stitch in time..." - take time now to find p60, p45, bank statements etc. 2. Check login details - make sure you have a Government Gateway account and you know password. Do you know your Unique Tax Reference (UTR), takes a few days for a reminder. 3. Budget - do you have an estimate of how much tax you will need to pay? Why not set aside some money from Nov and Dec salary to help cushion the blow. If you have anything sorted that's good news. If not and you feel stressed by the thought of another tax return why not contact us - we can help you through the process. We are more than happy to be contacted by text/call - 07598 435537 Email [email protected] Website www.juderoseaccountancy.com With the Spring weather around the corner, why not make a ‘Spring resolution’ to start your tax return earlier this year and call us to start the process? The end of the tax year is the next deadline, along with the P60 statement. Employers have to give employees a copy of their P60 no later than 31st May, this is a key document for self assessment. There are still over 300 days until the self assessment deadline, however, just imagine how good you would feel to get it out of the way sooner rather than later. There are a number of benefits:
Give us a call or email to start the process. So the self assessment deadline has passed for another year. It will be interesting to see the official stats; to see how many people waited until the last day to submit and pay.
I always advise our clients to file sooner rather than later, especially when clients know they have a tax refund due. In my opinion HMRC have paid refunds quite quickly this year. Few reasons to pay early: 1. To minimise the risk of issues with banking or IT systems. 2. The feel good factor when you avoid the rush! 3. To make your accountant happy!!! HMRC have mentioned in 'Making Tax Digital' that quarterly updates may be necessary which could prove to be a hurdle for many people, especially those who currently leave self assessment until the last day. How was self assessment for you? If you want to plan ahead why not call us today and get ready for next year? |
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June 2026
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