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.
£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 nextRead more
Here’s how Earnr helps Etsy sellers organise their income and pay themselves a regular salaryRead more