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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.
For example:
You can ask the HMRC to reduce your payment.
Either:
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:
No.
Once you submit your Self Assessment tax return, you are automatically enrolled in it.
The only exceptions:
Or see our Guides, Calculators or Taxopedia
Fast, effortless and done for you online – the way tax returns should be done. Free to sign up.