Starting a new business? Get 40% off our accountancy services for 3 months! 😎


A warning has been issued by the Association of Chartered Certified Accountants (ACCA) to remind self-employed people about the summer tax payment deadline.

Everyone seems to be aware of the January 31st deadline for submitting your tax returns and paying taxes. However, this is only an upfront payment, it isn’t all of it. The rest is due in the summer.

4.8 million self-employed people in the UK will be required to make a tax payment by 31st July. The summer is not usually the time anyone wants to be thinking about taxes so it can catch a lot of people off guard.


Failure to pay will result in penalties from HMRC. So it’s always best to keep tax deadlines in mind so that you’re not caught by surprise in the future.

Chas Roy-Chowdhury, head of taxation at ACCA commented: “After a hectic pre-holiday rush, dealing with a tax payment is probably the last thing on many people’s minds. With Sterling in such a state of flux, many holiday-makers have probably been more focused on exchange rates and how to afford those extra holiday treats

“However, this is not something that can be left until you come back from your summer break, or even leaving it until the last minute and trying to do it yourself. The consequences of not paying on time or paying the wrong amount are high. The current fine is 5% of tax owed which is a massive amount in the era of near zero interest rates.

“Many self-employed, especially those who have recently made the move to become so, may not even be fully aware of this process as the July deadline is not the most publicised and is hidden in the depths of the holiday season. There is a risk that many taxpayers risk getting caught out. Ignorance and naivety are no excuse when it comes to tax filing.”

For those struggling

This deadline will no doubt come as a surprise for many new business owners and contractors. For those who will struggle to make the deadline or need any other information, you can call the HMRC helpline.

However, if you require more long term help with your tax liabilities, then hiring an accountant is the best way to go. An accountant will manage your tax liabilities and other financial responsibilities through the year so you can have some peace of mind that you’re doing everything above board.


Has the deadline come as a shock to you? If you need any help with your accounts, you can call us on 020 3355 4047 or contact us here.

About The Author

Kara Copple

An experienced business and finance writer, sometimes moonlighting as a fiction writer and blogger.

More posts by this author
Notify of
Inline Feedbacks
View all comments

Read more posts...

What is a Non-Established Taxable Person for VAT?

There are special VAT rules in place for online sellers who are classed as non-established taxable persons (NETPs), and use an online…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More

What Type of Legal Structure Should I Choose When I Start a Business?

The structure that you choose when you start a business affects how the business operates, the amount of tax you pay, how…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You will receive our bookkeeping software Pandle for free, as part of your package.

You can use this to complete your own bookkeeping, or we can provide a quote to complete your bookkeeping for you.

Please select and option below:

I will do my own bookkeeping
I want you to do my bookkeeping

Call us on 020 3355 4047 if you’re not sure.