Self Employed - Help with payment on account..

Donkey83

I've just completed my 3rd tax return online, yes, I'm keen!

I've been told I have to pay £7128 by Jan 31st 2015.

So Jan 2014 I paid my calculated tax, Plus £900 on account, and another £900 is to be paid this July coming.

Does that get deducted from the £7128?

I'm a bit shocked how high it is, but this year I've got my first student loan repayments and Class 4 NI coming off too.

Any help would be appreciated as I just need to know how much to be putting away each month to cover it.

Donkey83

This is what it said below my calculation, but I just want to be sure I've understood it right.

HM Revenue & Customs will add this amount to your Self Assessment statement of account. It doesn't include any 2013-14 payments on account you may have made or any other amounts outstanding. To help you to decide how much, if anything, to pay by the due date, check your Self Assessment account and use the information above until it transfers over.

PlutoinCapricorn

The self assessment is free standing and does not look at your payment history. You should get a proper statement later in the year.

Donkey83

Thank you very much, I'm guessing the payments on account (£950 x 2) will be coming off that figure, but I'll wait and see and put away the money for the worst case scenario.

I know I should have the money saved already but I've been a bit silly and not saved in advance, something I'm trying to build up now. It just makes me nervous that I won't have enough in time.

Thanks again,
Donkey83