A form that is usually submitted by the self-employed who want to reduce their payment on account. It can be done by post or through the online self assessment service.
Example:
£30,000 is earned from self-employment for the tax year. By 31st January you pay £5,435 in income tax and national insurance. An advance payment on account of £2,717.50 needs to be paid on next years tax. By July 31st, the following £2,717.50 needs to be paid. Depending on your turnover for the following year, HMRC could refund you if you’ve overpaid the payment on account.
Our first post on our blog! We can't wait to show you what's next
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Here’s how Earnr helps Etsy sellers organise their income and pay themselves a regular salary
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As part of our interest in supporting Etsy sellers, we’ve been doing some digging into the current state of the Etsy world as lockdown becomes more and more a thing of the past.
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