How much will I be expected to pay?

stereo_world

Ahoy all,

I'm currently registered as self employed and obviously have the upcoming deadline in Jan to worry about.

I registered as self employed at the end of March in 2011, meaning that I only had to file 2 weeks worth of tax in Jan of this year - fair enough.

Something I'm confused about is how much will I be expected to pay this Jan? Is it all tax from Apr 2011-2012? Or do I have to pay an additional chunk as well from the following year?

I know tax is a very very broad subject considering all the variables involved, so I'd just like to know what kind of situation I'll be in come Jan 2013.

Thanks

cotswoldaccountant

If your accounts are drawn up to 5 April, you will pay tax on your profits from 6 April 2011 to 5 April 2012 in the 2011-12 tax return, which you need to submit (and pay the tax due) by 31st January 2013. You will also be required to make a payment on account, equal to half the tax due, as the first instalment of tax for 2012-13. The next payment on account will be due on 31st July 2013.

Your 2012-13 tax return will cover your profits from 6 April 2012 to 5 April 2013 and will be due by 31st January 2014. If you have not already paid enough tax through your payments on account, then you will be required to make a balancing payment on 31st January 2014 for the 2012-13 tax year.

stereo_world

cotswoldaccountant wrote: »

If your accounts are drawn up to 5 April, you will pay tax on your profits from 6 April 2011 to 5 April 2012 in the 2011-12 tax return, which you need to submit (and pay the tax due) by 31st January 2013. You will also be required to make a payment on account, equal to half the tax due, as the first instalment of tax for 2012-13. The next payment on account will be due on 31st July 2013.

Your 2012-13 tax return will cover your profits from 6 April 2012 to 5 April 2013 and will be due by 31st January 2014. If you have not already paid enough tax through your payments on account, then you will be required to make a balancing payment on 31st January 2014 for the 2012-13 tax year.

Thats what I hoped to hear

I was worried I'd have to pay 2 full years worth of tax at once.

Thanks!