Tax Payments on account.

Discussion in 'Managing Your Business' started by monkeyman, Aug 3, 2016.

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  1. monkeyman

    monkeyman Well-Known Member
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    Am I the only person who wasn't aware of this untill I got the news on my tax return. Can not believe I have completely missed this. :(
     
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  2. Eviestevie

    Eviestevie Grand Master
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    Not sure what you mean?
     
  3. Cghwindowcleaning

    Cghwindowcleaning Well-Known Member
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    Payment on account means if your tax bill is over a certain amount they estimate what your next bill is then you pay half upfront by July 31st then the remaining payment by January 2017.
    If you log in to your account online this will tell you or your accountant should tell you this.
     
  4. Rosewood

    Rosewood Active Member
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    Look on the bright side. If your paying tax on account your business must be doing ok
     
  5. monkeyman

    monkeyman Well-Known Member
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    This is the third Tax return I have put (my accountant did) year one was only a few weeks. Nothing to pay. Year 2 reasonable turnover, but lots of cost, tax below £1000 This year very few costs, pretty good turnover and profit, eg of payment on account. 2015/16. Tax bill £5000 to be paid by Jan 2017 plus £2500 to be paid on account jan 2017 total £7500. + £2500 July 2017. I'm embarrassed and angry at my self for not knowing. A little annoyed with my accountant for not mentioning it previously but he's not my babysitter. It's entirely my own fault that I didn't know.
    Just came as a bit of a shock.
    Oh well. Head down **** up. :rolleyes:
    I hope this stops someone else having the same surprise.
     
  6. Eviestevie

    Eviestevie Grand Master
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    Sorry I didn't read the post right thought you meant you was confused because you was paying tax in your account
    I budget all your round and pay a monthly debit which goes towards the next years tax
     
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