Advance Payments "Payments on Account" for the next tax year
These are advance payments towards your next tax bill (including Class 4 National Insurance if you’re self-employed).
You have to make 2 payments on account every year unless:
Your last Self Assessment tax bill was less than £1,000.
You’ve already paid more than 80% of all the tax you owe, for example through your tax code or because your bank has already deducted interest on your savings or you are in the CIS scheme.
Each payment is half your previous year’s tax bill.
Payments are due by midnight on 31 January and 31 July.
If you still have tax to pay after you’ve made your payments on account, you must make a ‘balancing payment’ by midnight on 31 January next year.
Simply Tax and Accounts provide accountancy and tax preparation / refund and rebate services across Kent and South London.
We provide a fast and efficient tax submission and refund service for the self-employed and those in the Construction Industry Scheme (CIS).
Based in Gravesend (Northfleet, Swanscombe, Greenhithe, Ebbsfleet), our services cover VAT, management accounts, year end accounts, companies house, taxation rebate and bookkeeping.
We are your accountants in Gravesend covering Chatham, Gillingham, Maidstone, Dartford, Bromley and Sevenoaks.
Call us in Gravesend now on 0845 474 4798 and ask for Tony Featherstone.