Many self employed individuals and landlords must make payments on account towards their income tax, with a significant instalment typically falling due in January alongside any balancing payment for the prior tax year. These taxpayers should take practical steps to estimate and budget for the January payment, to avoid paying interest and penalties.
It can be useful to open a separate savings account, to save some money ready for the January and July payments.
There is also a facility to make weekly and monthly payments to HMRC, if you would find this easier than paying it all in one go, follow this link to find out more.
Need advice, call the team at Holmes and Company on 01525 851101 or contact us here
Share this post: