When is my Tax due...

[Newbie22]

Hey,

With the help of Nicola, just worked out my tax due.. (thanks nicolaJ)

I am awaiting my UTR, as soon as I get this I will send the return to the tax man.

This is for 2009-2010... when will they demand the tax that is owed? Providing I send it to them before 31st October?

Thanks all :)

[bdw]

Tax instalments are due on 31 July and 31 January. I just paid mine. :(

[Alpha]

Hey,

With the help of Nicola, just worked out my tax due.. (thanks nicolaJ)

I am awaiting my UTR, as soon as I get this I will send the return to the tax man.

This is for 2009-2010... when will they demand the tax that is owed? Providing I send it to them before 31st October?

Thanks all :)

You have until 31/01/2011 to pay the tax for a first return however you will also have to pay 50 % of the amount on account for next year as well. The other 50% on account will be due by 31/07/2011.

If your tax is less next year you can reduce the amount paid in July by filing the 2010-11 return quickly or asking for a reduction (with reasons).

If it is more then the balance will be paid in the following January along with 50% on account for the following year....and so on:)

[David Griffiths]

The OP states in another post that self employment started in November 2009. That means that the tax on self employed income is going to be for four months only.

The tax for 2009-10 is payable in one payment on 31 January 2011. It is possible, but probably unlikely, that payments on account will be required for the year 2010-11. The payments will not be required if the self assessed tax is less than £1,000, or if the directly payable tax is less than a fixed percentage of total tax i.e. tax including PAYE. ( I can't find the percentage at the moment, and as I always use the computer to work it out, I don't need to know it!)

If there are no payments on account, then the full tax for 2010-11 is due for payment on 31 January 2012. If there are no PAYE employments for that year, then it is very likely that there will be a payment on account due for 2011-12 - half on 31/1/12 and half on 31/7/12, based on actual liability for the previous year

That means effectively that 18 months tax is payable in one go on 31/1/12, and that can be a very nasty shock indeed if it's not planned for.