HMRC warning and millions told 'it's better to pay early than late'

A HMRC warning Brits "can't afford to miss" has been circulated by a personal finance expert. James O'Brennan from Federal Management has issued an urgent warning for Britons, as July brings more than just high pollen counts and soaring temperatures.

By the end of the month, he warns that four crucial HMRC deadlines will have passed that most simply "can't afford to miss", with hefty fines at stake. He warned: "July 31st is a pivotal date for managing your taxes and maintaining your financial health.

"By staying proactive and informed, you can dodge unnecessary fines and ensure peace of mind. Remember, in the world of taxes, being early is always better than being late!" There are Self-Assessment payment deadlines this month as well as a deadline for Tax Credits renewals.

READ MORE Jay Slater's phone may have been 'thrown' in Tenerife ravine where he vanished

There are also deadlines for Capital Gains Tax payments for property and a deadline to submit declarations for Offshore Assets. When it comes to self-assessments, there's usually a second payment deadline of 31 July if you make advance payments towards your bill (known as 'payments on account').

You'll usually pay a penalty if you're late. You can appeal against a penalty if you have a reasonable excuse. GoSimpleTax warned: "July is when many individuals make their second payment on account. Payments on account are advance payments towards your next tax bill. They’re calculated based on your tax bill from the previous year.

"The reason for the two payments is to soften the blow for those who would otherwise have to pay one significant sum in January." They added: You can currently make this payment via postal cheque, the HMRC online portal or by BACS from your online banking.

And taxpayers ho receive tax credits need to renew their claim before the end of the month. Failure to do so could not only disrupt your payments but also require you to repay the tax credits you've received since the start of the year.