Sort your tax in time for Christmas

19th December 2017 by Liz Densley

Sort your tax in time for Christmas

If you haven’t completed your return yet, you’re running out of time!
If you’ve already completed your tax return, then you’ll know that you need to pay:

  • The total 2016-17 liability – less payments on account already made, plus
  • The first payment on account for 2017-18.

But could this change?

Firstly you will be pleased to know that if your income in 17-18 is higher than 16-17, that does not affect your payments on account – they are not increased at all. It will mean that the January 2019 tax is high though, because the payments on account will not have been enough to cover it, and there will be new payments on account for the following year based on these higher figures.

Be aware though that if you reduce your payments on account too much, when the actual amount is known and paid, there will be an interest charge back to the original due date.

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