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Self-employed taxes

1 reply

imjustsoworried · 17/09/2021 00:00

New-ish & dyscalculic self-employed person here who has decided to have a midnight panic over my 2020-2021 tax return that I completed in April, for no reason other than January is looming Confused Grin

HMRC says my balancing payment is £1535.88

My first payment to be made by 31st January is £767.94

It then totals them to £2303.82, and says that this needs to be paid by January 2022

It then says I have a second payment due for £767.94 in July 2022.

So am I right in thinking I owe £3071.76 in total, most of it due by the end of January? Or have I completely messed up and I actually owe two lots of £767.94 + 1535.88?

Please be kind, I am severely dyscalculic and having a mild freak-out that I haven't been putting enough away.

OP posts:
mrsjoyfulprizeforraffiawork · 17/09/2021 00:24

Yes, you are right. You are paying what you owe from year ending April 2021 and estimated payment "in advance" for the current tax year, so January payment is balance owing on 2020/21 plus first half of 2021/22 payment.

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