Payment Reminder: September Tax Obligations for Gibraltar Companies

As September draws to a close, it is important for companies to stay on top of their tax responsibilities. One key requirement is the Second Payment on Account, which must be made no later than 30th September for the current tax year.

Missing this deadline can result in significant surcharges and additional costs, so businesses are strongly encouraged to act in good time.

What Are “Payments on Account”?

“Payments on Account” are advance payments made towards a company’s overall tax liability. They are designed to spread out the burden of taxation, ensuring that businesses contribute gradually rather than in a single large sum at the end of the year.
In Gibraltar, these payments are calculated in line with Schedule 10 of the Income Tax Act 2010 and are based on the company’s previous liabilities.

Gibraltar Accounts Payment Schedule

Companies are required to make two equal instalments during the financial year:

• First Instalment: 28th February
• Second Instalment: 30th September

By meeting these deadlines, businesses remain compliant and avoid unnecessary penalties.

Why Timely Payment Matters

Late payment of corporate tax not only creates cash flow pressure but also results in surcharges and accumulating interest. For companies, these extra costs can quickly add up and affect profitability.

Surcharges for Late Payment

As the table shows, even a short delay triggers an immediate penalty, and longer delays bring much steeper costs.

What Should Businesses Do?

To remain compliant and protect cash flow, companies should:

• Review their corporate tax obligations early in September.

• Ensure funds are available to meet the second installment.

• Submit payments before the 30th September deadline.

Taking these steps not only prevents penalties but also demonstrates good corporate governance.

How TAG Consultancy Supports Businesses

At TAG Consultancy, we understand that managing tax obligations can be complex, especially for companies balancing growth and regulatory requirements. Our tax advisory services are designed to:

• Help you calculate and plan for Payments on Account.
• Ensure deadlines are met to avoid costly surcharges.
• Provide ongoing support with compliance under Gibraltar’s Income Tax Act.
• Offer proactive strategies to streamline your company’s tax management.

Our team works closely with businesses to ensure obligations are met accurately and on time, giving directors and owners peace of mind.

Final Thoughts

The 30th September deadline for the Second Payment on Account is fast approaching. By acting now, businesses can avoid unnecessary penalties and maintain a smooth compliance record.
With TAG Consultancy’s dedicated support, companies can navigate Gibraltar’s tax framework efficiently, freeing up time and resources to focus on growth. To find out more about what TAG Consultancy can do for your business, book a free 30 minute consultation with a member of our team today.