Payment on Account

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Payment of income tax and national insurance in advance of the tax deadline.
This applies to anyone earning >20% of income outside employment.
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Things to note:

• The first self assessment will make you pay the whole of last year’s tax bill alongside another half for the current year’s tax bill, they assume you’ll earn the same. This must be done before 31st Jan
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• You then pay the other half before 31st Jul
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• The payment on account will adjust if you earn less or more

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