Payment on account !!

mybestattempt

uknick said:

Thanks for pointing out the Government put in place an act nearly 30 years before it was actually needed.

I can see why I got confused as this must mean the Government was planning for tax rules nearly 30 years after its 5 year term ended.  Not something that happens today.

I'm sorry if my comment confused you.

Perhaps I should have made it clear that when TMA 1970 was first enacted it contained the provisions/rules for making returns and assessment required at that time.

The self assessment regime required changes and new provisions for making returns and assessments to be effective from 6 April 1996, so the TMA 1970 was amended.

sheramber

It sounds like you have the idea that you pay the tax due for 23/24 with the money you earn in 24/25.

A big mistake as when your  income for 24/25 is a lot less than the 23/24 figure you do not have  enough imoney coming in  to pay it.

What is better is to put away some money each month into a separate bank account  so you have the money to pay the tax due when needed and have gained some interest in the process.