We at TAG Consultancy want to remind all self-employed individuals that this week marks an important deadline in your tax calendar. The second payment on account for the current tax year is due by 30th June.

What is a Payment on Account?

Payments on account are advance payments towards your tax bill. They are designed to help you spread the cost of your tax over the year, rather than paying a large sum all at once. For most self-employed individuals, these payments are based on your previous year’s tax liability.

Key Dates to Remember

  • 31st January: First payment on account due
  • 30th June: Second payment on account due (this week!)

Why is it Important?

Meeting these deadlines is crucial to avoid penalties and surcharges. A missed payment can result in:

  • 10% surcharge immediately after the due date
  • 20% surcharge if unpaid 90 days after the initial surcharge

These additional charges can add up quickly, so it’s in your best interest to pay on time.

How to Make Your Payment

To make your payment, you should calculate 50% of your previous year’s tax bill and pay this amount by the 30th June deadline. If you expect your tax bill to be lower this year, you can apply to have your payments on account reduced. However, be cautious—underestimating your tax liability can lead to surcharges if you don’t pay enough.

https://www.gibraltar.gov.gi

Need Help?

If you’re unsure about how much you need to pay or need assistance with your tax calculations, TAG Consultancy is here to help. Our team of experts can provide the guidance and support you need to ensure you meet your obligations and avoid any penalties.

Contact Us

Feel free to reach out to us if you have any questions or need further assistance. At TAG Consultancy we offer a free consultation to all new clients. We pride ourselves being ‘on-call’ for our clients – you can always contact us via phone on +350 22501252, social media messaging platform or simply fill in the contact form.

Our office hours are 9am to 5pm, Monday to Friday. There are no extra charges or hidden fees.

No responses yet

Leave a Reply

Your email address will not be published. Required fields are marked *