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New 'Payment on account' for tax return

(3 Posts)
siameseturkey Fri 09-Sep-16 15:31:04

Hello all,

I know this is not such a new thing but it is new to me and I'm really confused. I've looked on the HMRC website and their explanation still baffles me...

I will complete my 1st tax return by 31st Jan 2017 and I have earned less than the threshold to pay any tax. My accounting period this time is July 2015 to April 2016 but usually I will do April to April.

My question is, as I've not earned enough to pay tax this time round, will I have to pay anything in advance for the following year?

Thanks so much smile

Sammysquiz Fri 09-Sep-16 22:11:54

No you won't have to pay anything in advance if your tax liability is zero. In the future you may need to make payments in advance when HMRC estimate your next years tax bill based on your current one, but this won't affect you this time.

siameseturkey Sat 10-Sep-16 08:35:19

Thanks Sammysquiz that's good to know!

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