Taxpayers have 'less than two weeks' until vital HMRC deadline - 'check account now'

Millions of UK taxpayers are being urged to act fast to avoid hefty interest charges and fines from HM Revenue and Customs (HMRC). The deadline for the second Self-Assessment tax payment falls on July 31, giving people less than two weeks to check their accounts and pay what they owe.

Anyone who falls under the Self-Assessment system, particularly the self-employed and those with other sources of untaxed income, is being called on to take action. Claire Trott, head of advice at St. James's Place, said: "With there now less than two weeks remaining until HMRC's second Self-Assessment payment deadline on July 31, it's vital that taxpayers check what they owe and ensure payment is made on time to avoid facing penalties."

The deadline affects those required to make 'payments on account' - advance payments based on last year's tax bill. This often applies to self-employed individuals with bills over £1,000 who haven't already settled most of their liability.

Missing the deadline could trigger a late payment interest rate of 8.25%, along with escalating penalties the longer the bill remains unpaid.

Ms Trott said: "Missing the deadline can have serious financial consequences. It's essential that individuals check their Self-Assessment account now and act ahead of the deadline."

She warned that newly self-employed individuals, many of whom may be facing their first second payment deadline, are especially at risk of being caught out.

Ms Trott advised anyone struggling to pay to contact HMRC as soon as possible. She said: "While it may be tempting to delay or ignore the issue, HMRC does consider reasonable excuses, and reaching out early gives you the best chance of avoiding escalating penalties."

Taxpayers are also being encouraged to plan ahead, either by setting aside money regularly or using tools like HMRC's Budget Payment Plan, to avoid future surprises.

Ms Trott said: "Now is also a good time to think about how to be more prepared going forward. For those who are able, speaking to a financial adviser is always a good option to help you stay on top of your finances and manage the Self-Assessment process more confidently."

To find out more about the tax you could owe, people are urged to visit GOV.UKfor information.