Self-employed tax payments
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tommytynan123
Posts: 482 Forumite
in Cutting tax
Hi
Son is about to move to self-employment and only 1 question so far if someone could help please.
Having registered with HMRC is there a facility to pay into your tax account with HMRC on a monthly basis or is it just save it yourself ready for the self-assessment payment.
If its with HMRC then he can't spend it !!
Thanks
Son is about to move to self-employment and only 1 question so far if someone could help please.
Having registered with HMRC is there a facility to pay into your tax account with HMRC on a monthly basis or is it just save it yourself ready for the self-assessment payment.
If its with HMRC then he can't spend it !!
Thanks
0
Comments
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Tax payments are due on 31st January and 31st July each year. Your tax account is run much in the same way as a credit card bill and I don't imagine regular credits being refused!
The one thing that I would mention is that, even though your son commences shortly, his first tax payment will not be until January 2019! At that point he will have to settle tax due in respect of his profits from now until April 2018 AND a payment on account in respect of his accounts for the YEAR to April 2019 (depending on the date that he when he chooses to prepare annual accounts to).0 -
See this link - https://www.gov.uk/pay-self-assessment-tax-bill/budget-payment-plan
This lets you pay by direct debit in advance.0
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