Payment on Account (Hmrc)

NannaH

Trying to get my head around this,
  Say first POA will be due in December with  Self assessment Tax / NI bill of £1600, so POA is £800 = £2400 in total.
Then another £800 next July yes? 

Assuming Tax/NI for 2024/25 is higher, say £2400, I deduct £1600 for the previous POAs, leaving £800 to pay, plus a POA of  £1200? 

 So £2000 in total + another £1200 the following July?    

Have I got that right? 
If the next year is the same bill -  £2400 minus £2400 already paid, then the bill is just £1200 for POA and another £1200 in the July?  

pramsay13

Log into your account and it will tell you exactly what you owe and when. 

NannaH

No it doesn’t because I’m using ‘this year’ hypothetically,  there has been a tax refund for 22-23 so I’m trying to get my head around it for next time, when there will be a tax bill 😉
I want to know in advance of April what to expect.  

mebu60

NannaH said:

Trying to get my head around this,
  Say first POA will be due in December with  Self assessment Tax / NI bill of £1600, so POA is £800 = £2400 in total.
Then another £800 next July yes? 

Assuming Tax/NI for 2024/25 is higher, say £2400, I deduct £1600 for the previous POAs, leaving £800 to pay, plus a POA of  £1200? 

 So £2000 in total + another £1200 the following July?    

Have I got that right? 
If the next year is the same bill -  £2400 minus £2400 already paid, then the bill is just £1200 for POA and another £1200 in the July?  

Yes.

Though I've not had to make any PsOA the past two tax years for similar amounts for some reason despite being asked to do so in the past. 

SensibleSarah

Yes, your sums are right. Although it's end of Jan that the first money is due, not December.