Self assessment - feel sick. Please help

Debt_Free_Chick

full-time-mum wrote:

I also seem to remember that you have to pay a proportion of next year's estimated tax in advance - there was a good argument for this (well, good for the tax office anyway:rotfl: something to do with not owing the tax office money when you retire )

Yes, you have to pay half of next year's tax (which is this year, IYSWIM) "on account" too - but only the tax that relates to self-employment.

If you think your income (from self-employment) is going to be less this year, then you can claim a lower on-account payment. Particularly useful if you are winding the business down; if you've taken up some PAYE work or if you had a large contract last year, which won't be repeated this year.

HTH

skintchick

Thanks - I have put my expenses on yes, and the next year's tax will be similar to this year I think, so I will leave it as it is for now - I have saved my tax money up anyway.

I am off sick today so am going to recheck my form and submit it this afternoon.

I'm sure I have missed stuff I could claim for, but I just can;t be bothered with it all - it's such a tiny amount to be worrying over. (well, it is now anyway!!)