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Payment on Account - Income Tax
dnet
Posts: 93 Forumite
in Cutting tax
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
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
0
Comments
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When did you start trading?
Is £20000 the profit?0 -
nomunnofun wrote: »When did you start trading?
Three years agonomunnofun wrote: »Is £20000 the profit?
Yes0 -
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 2014.0 -
Thank you 0
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