Your tax questions answered
How are payments on account worked out?
You will be asked to make payments on account equal to your tax bill for the previous tax year. Of which 50% is payable by 31 January and 50% by 31 July.
Why do I have to make Payments on Accounts for the following tax year?
Under self assessment you are required to make payments on account where your tax liability exceeds £1,000 and less than 80% of your tax liability is collected at source.
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