You don't have to leave it until 31st January every year!
Your self-assessment and payment for that tax is due on 31st January each year for the previous tax year. If you leave your tax return to the last minute you will need to find the funds all in one go. Unless you have been saving up! Why not get it done and dusted in April each year? Collect up all your information, complete your on-line self assessment and you will know exactly what you will owe in the following January. Sit back and smile knowing that your Xmas will be stress free next year. How it works.... If your tax liability was more than £1000 the previous year you will be asked to make a Payment on Account (first half of your previous tax bill) at the same time in January, Double whammy! You will also need to make another payment (second half of previous tax bill) in July of the same year. For example: Bill filed his first tax return for 2016/17 with a liability of £5000. Payments: 31st January 2022 £5000 plus
