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Payment in advance confused - self employed
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I got caught by 'payment on account' in Jan this year, didn't even know it existed. My tax bill in previous years had been about £600-800, but due to a change in circumstances i was now going to owe £1400. Submitted my return in Jan as usual, expecting a £1400 bill, only to find out they wanted £1400 for that year, plus another £700 as half payment in advance for the coming year with another £700 due in July! Came as quite a shock.
As i knew i would be back down below £1k again this year, i reduced my payment in advance down to £500 and submitted this years return as soon as possible so that i payed an accurate amount this month (£450). What i don't know is whether i now i am back below £1k, do i still need to carry on paying on account twice a year?
Brighty
No you do not - each year is considered on its own.There are 10 types of people in the world - those who understand binary and those who do not. :doh:0
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