What is payment on account?

Under self assessment, payments on account are advance payments for the next tax year. These are payable in two instalments unless:

  • Your tax bill for the last tax year is less than £1,000; or
  • You have already paid 80% of the your tax due at source ( for example, through your tax code in your employment)
Let’s suppose you are a sole trader and your tax bill for the current tax year (2016/17) is £750. You will not be required to pay any payments on account for the next tax year (2017/18) as your tax bill for 2016/17 is less than £1,000. Each payment on account for a tax year is 50% of the tax due for the previous tax year. The first payment on account is required to be made on 31 January in the relevant tax year and the second is made six months later on 31 July following the end of the relevant tax year. Let’s suppose, you have a tax bill of £1,500 for the tax year 2016/17. You will be required to make two payments on account for the tax year 2017/18. The first payment on account of £750 will be due by 31 January 2018 with your tax liability for 2016/17, and the second payment on account of £750 will be due by 31 July 2018.

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What are your office hours?

Our office hours are Monday to Friday, 9:00 to 17:30.

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Can I afford Martax Accountants services?

Our packages are extremely competitively priced. We charge a fixed-fee, so you’ll always know what you’ll be paying, and there will be no surprises. Our contracts also give you the flexibility to move accountant at any point.

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What areas do you cover?

We are based in London and Surrey but we can cover all areas as we work remotely as well as office based.

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How can I pay my fees?

  • By Debit/Credit card
  • By Internet banking or Bacs
  • By cheque

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How do I find out what Martax can do for me?

Please visit our website page, section ‘Our Services?’

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How easy it is to change an accountant?

Switching accountants is easy and straight-forward. It’s usually a case of simply writing to your current accountant, telling them the name of your new accountants and advising them that the new firm will be contacting them shortly to collect your records. When you decide to switch to us, we will fully manage the transition and ensure that the handover is seamless. We will take care of everything including contacting your current accountant and explaining you are moving away, drafting a brief note confirming the move, arranging for the transfer of records, obtaining copies of your accounts and tax computations, and notifying HMRC and other government offices that we are looking after your business affairs

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Why should I choose Martax for my tax needs?

The answer is simple. All of us here at Martax work hard to deliver the best possible service to our clients. As an ACCA member accounting firm we provide the highest quality tax compliance and advisory services and our relationship with our clients is based on trust, integrity and open communication. We stay up to date on tax laws and associated legislation and ensure you receive all of the tax benefits possible for your circumstances.

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