Understanding payments on account

23rd August 2017 by Liz Densley

Understanding payments on account

With July tax payments having become due, many people are confused about what they should have paid.

Here is an example of payment dates for the self-employed or those with untaxed or insufficiently taxed income (with a chart version for those who prefer pictures to words).

Tax year 2015-16

Based on the year ended 5th April 2016, or if accounts are not prepared to that date, then for that source the accounting date ending in the year to 5th April 2016, the balance due for 2015-16 is payable by the 31st January 2017. At the same time a payment on account is required for the following year calculated as 50% of the total liability for 2016-17.

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