Self Assessment - First year of business

JD22

Hi!

I recently became self employed, officially from September 2011.

I'm confused as to when I will have to make my first tax payment. As far as I was concerned I'd make my first tax payment on my earnings between September 2011 - April 2012 at the first opportunity in July 2012.

Does this sound correct or have I got this hideously wrong?!

Any input greatly appreciated!

Thanks!

pjclar02

January 2013 will be the fisrt payment, which will be your tax liability from September 11 to April 2012, plus a 50% downpayment toward the following year's liability.

You will then need a further 50% downpayment in July 2013.

JD22

Ok thank you for clarifying that for me!