Payment on Account - Income Tax

dnet

Hi,

I'm self-employed. If i make £20,000 before tax by this April, how much will i need to put down as 'payment on account'? and when will this need to be paid?

Thanks

nomunnofun

When did you start trading?
Is £20000 the profit?

dnet

nomunnofun wrote: »

When did you start trading?

Three years ago

nomunnofun wrote: »

Is £20000 the profit?

Yes

nomunnofun

The tax due on £20000 for 2012/13 is £2305 with class IV NIC of £1115 also payable - a total of £3420.

This must all be paid by 31st January 2014. The final payment will be £3420 LESS any 2012/13 payments on account due 31st January 2013 and 31st July 2013.

Also on 31st January 2014 you will have a payment on account of £1720 for 2013/14 with the same amount due on 31st July 2014.

dnet

Thank you