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Another tax bill in July? Payment on account explained.

The HMRC uses the payment on account to receive money from sole traders during the tax year. Payment on account is a system that is used by the revenue to ensure that taxpayers under Self-assessment contribute towards future unearned tax and national insurance even with the assumption they would earn the same amount of income […]

Payment on account explained

payment on account

Payment on account is a system that is used by the revenue to ensure that taxpayers under Self-assessment pay towards tax and national insurance for the next tax year. The amount of payment on account applied for the taxpayers is based on previous tax years due to the HMRC. Illustration of payment on Account. Jane […]