If you are taxed under Self Assessment and less than 80% of the tax that you owe is collected at source (for example, under PAYE), you will need to make payments on account of your 2023/24 tax liability if your tax and Class 4 National Insurance bill for 2022/23 was £1,000 or more. Each payment on account is 50% of your previous year’s tax and Class 4 National Insurance liability.
The first payment on account for 2023/24 was due by 31 January 2024. The second payment must be made by 31 July 2024.
As the 2023/24 tax year has now ended you will be able to assess your profits for that year. If they are less than in 2022/23, you may wish to contact us to discus reducing your payments on account
Contact us at enquiries@ardury.co.uk to discuss further.
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