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“Payment on Account” means that you pay tax in two instalments:
It’s usually the self-employed (and very rarely landlords) who have to use Payment on Account.
If you earn more than 80% of your income through PAYE, don’t worry about Payments on Account.
Basically, in your first year, you have to pay 150% of your tax bill in one go.
You can ask the HMRC to reduce your payment.
However, we recommend you pay the Payment on Account as it is.
If your profits are indeed down, then HMRC will refund you the difference.
You will be required to make a “balancing payment” by January 31st next year so your account is up to date.
Log in to your online account and click “View statements”.
You can find information on:
Once you submit your Self Assessment tax return, you are automatically enrolled in it.
The only exceptions: