Contractors and freelancers who operate through their own Limited Company this applies to you too, so don’t forget to check whether you have a payment on account to make by 31st July 2015.

As you are a director of your Limited Company you have a requirement to complete a self-assessment tax return each year, however this payment on account is only applicable to those who have completed a tax return for the 2013-14 tax year and the overall liability was more than £1,000.

You can find out if you have a payment to make by checking the tax return itself, your self-assessment statement that was sent out by HMRC or your HMRC online account. If you are unsure you can always check with your accountant, it’s better to be safe than sorry.

If your liability for the 2013-14 tax year was less than £1,000 or more than 80% of the tax was collected through PAYE there are no payments on account to make.

For those of you who do need to make a payment on account, we recommend that you make payment to HMRC by bank transfer using your unique 10-digit UTR number followed by the letter ‘K’ as your reference. Your UTR number can be found on your tax return too and you can find HMRC’s bank details here.

Here at Gorilla Accounting, the completion of your self-assessment tax return is included as part of our all-inclusive accountancy package. In addition, our specialist contractor accountancy team will provide advice on tax efficiency and remind you of any upcoming deadlines. Our package is only £85 + VAT. Interested? Give us a call on 0330 024 0406.

Share on facebook
Share on twitter
Share on linkedin