Self Assessment: 1st payment on account

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  • max_co71
    replied
    Thanks for your response. I really appreciate!

    Leave a comment:


  • jpkeates
    replied
    1 - It's because HMRC can now predict how much they expect each year. In previous year's they couldn't.

    You won't end up paying any more tax, you just pay it months in advance.

    Typically you'll get an adjusted figure when you submit your tax return, so it's sensible to do that before the October deadline (and not wait until the January deadline) as that might adjust the January payment downwards if they've overcalculated.

    2 - Yes. There are penalties for late or non-payment.

    Leave a comment:


  • max_co71
    started a topic Self Assessment: 1st payment on account

    Self Assessment: 1st payment on account

    Hi All,

    This is the third time I have been filing the Tax Return by Self Assessment. I have two questions here. I would appreciate any help to clarify the following:

    Last year, I have the summary out of the calculation from HMRC as follow:
    2nd payment of £0.00 due 31 July 2019
    This amount does not take into account any 2018-19 payments on account you may have already made

    2017-18 balancing payment £2,500.00
    1st payment on account for 2018-19 due 31 January 2020 £0.00
    Total due by 31 January 2019 £2,500.00

    However, this year:
    2nd payment of £2,500.00 due 31 July 2020
    This amount does not take into account any 2018-19 payments on account you may have already made

    2018-19 balancing payment £5,000.00
    1st payment on account for 2019-20 due 31 January 2020 £2,500.00
    Total due by 31 January 2020 £7,500.00

    Q1) Why am I getting £0.00 for 1st and 2nd payment on account the previous year but am getting £2,500.00 for both 'payment on account'?
    Q2) What are the 1st and 2nd payment on account about? Do I have to pay them?

    Regards

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