How do the on account tax payments work for the self employed?

On account tax for the self employed

The best way to show how this works is with an example, HMRC require 50% on account in each January and July based on the tax paid for the year before. If the tax is below £1000 then there is no on account. If 5 April 2019 is your first year then you will not have made payments in January and July 2019 and so payment on 31 January 2020 in this example will be

If 5 April 2019 is your first year then you will not have made payments in January and July 2019 and so payment on 31 January 2020 in this example will be

, ,

Related Posts

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.

Menu