Self-Employed
Payments on Account: The Self-Assessment Surprise
Payments on account are two advance instalments towards next year's tax bill, each 50% of last year's tax, due on 31 January and 31 July. You make them if your last bill was over GBP 1,000 and less than 80% of your tax was collected at source. In your first profitable year this can mean up to 150% of one year's tax due at once.
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What they are - Two advance instalments towards next year's tax bill, paid in addition to settling...
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How much each is - Half (50%) of the total tax you owed last year
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First instalment due - 31 January, alongside the balancing payment for the year just ended
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Second instalment due - 31 July
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Plus 6 more in the full guide
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