What are payments on account?

Episode 71 of the Simplifying Tax and Accounting from I Hate Numbers: podcast, hosted by I Hate Numbers, titled "What are payments on account?" was published on July 4, 2021 and runs 12 minutes.

July 4, 2021 ·12m · Simplifying Tax and Accounting from I Hate Numbers:

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Episode Description

If you submit a UK tax return and you owe more than a thousand pounds, then be aware of payments on account.

Payments on account are a topic that is not properly talked about or understood, but it can catch out taxpayers. In this episode I am going to dive deep into payments on account.

Firstly, I will look at what Payments on account are, how they are calculated, how to reduce them and when you have got to pay them. Secondly, my friends Rishi and Boris will be helping me with numbers and dates. Finally, I will look at the general framework of how the UK personal tax system works.

Listen to find out more.

Your Income and tax that is deducted

Are you self-employed, a landlord who might have some rental income being a director, shareholder who has income by way of dividends?

Be aware that some you make ends up in your pocket without has not had tax taken off when you earn it. There is more responsibility on your shoulders to make sure you have put enough by to cover your taxes.

We are here for you! We will help you with all the little things like saving for your taxes and making sure they are taxed at source so there are no surprises come tax time.

Tax calculators

Are you looking for a way to calculate your taxes?

You have come to the right place! We have online calculators that will do all the heavy lifting for you. All you need is some basic information about your income and deductions, and we will take care of the rest. It could not be easier.

This tool can help make filing taxes less stressful by doing most of the work for you. If this sounds like something that would be helpful to you, go ahead and give it a try today!

Click here now to use our free tax calculator!

What next

Moreover, do you want to know more about payments on account? This podcast tells you what you need to know about payments on account, calculations, tips, and advice

Listen to find out more.

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