You don't have to wait until 31 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:

In 2015/16 Bill filed his first tax return with a liability of £5000.

Payments:

31st January 2017                                    £5000 
plus the first payment on account             £2500
Total payment 31st January                      £7500

31st July second payment on account      £2500


In 2016/17 Bill filed his second tax return with a liability of £6000

Payments:

31st January 2018                                  £6000
minus Payment on Account in hand        £5000
left to pay                                                £1000

plus first payment on account                  £3000
Total payment 31st January                     £4000

31st July second payment on account     £3000

and so it carries on.....

So you see starting early really does help

If you need some support I offer self-assessment returns so please get in touch.

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