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  • FIRST POST
    • tommytynan123
    • By tommytynan123 3rd Oct 17, 1:18 AM
    • 456Posts
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    tommytynan123
    Self-employed tax payments
    • #1
    • 3rd Oct 17, 1:18 AM
    Self-employed tax payments 3rd Oct 17 at 1:18 AM
    Hi
    Son is about to move to self-employment and only 1 question so far if someone could help please.
    Having registered with HMRC is there a facility to pay into your tax account with HMRC on a monthly basis or is it just save it yourself ready for the self-assessment payment.
    If its with HMRC then he can't spend it !!
    Thanks
Page 1
    • purdyoaten2
    • By purdyoaten2 3rd Oct 17, 8:43 AM
    • 695 Posts
    • 308 Thanks
    purdyoaten2
    • #2
    • 3rd Oct 17, 8:43 AM
    • #2
    • 3rd Oct 17, 8:43 AM
    Tax payments are due on 31st January and 31st July each year. Your tax account is run much in the same way as a credit card bill and I don't imagine regular credits being refused!

    The one thing that I would mention is that, even though your son commences shortly, his first tax payment will not be until January 2019! At that point he will have to settle tax due in respect of his profits from now until April 2018 AND a payment on account in respect of his accounts for the YEAR to April 2019 (depending on the date that he when he chooses to prepare annual accounts to).
    purdyoaten lost his password
    • BoGoF
    • By BoGoF 3rd Oct 17, 9:13 AM
    • 2,404 Posts
    • 1,614 Thanks
    BoGoF
    • #3
    • 3rd Oct 17, 9:13 AM
    • #3
    • 3rd Oct 17, 9:13 AM
    See this link - https://www.gov.uk/pay-self-assessment-tax-bill/budget-payment-plan


    This lets you pay by direct debit in advance.
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