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Self employment- why am I paying almost twice the tax I did last year?!

26 replies

WhatTheKey · 30/01/2025 22:40

Am in a bit of a panic. I'm self employed and am lucky as I have consistently made about 80k a year for the last few years. I do my own tax return online and always pay about 20k in tax. But I've just done mine now and it's asking for 38k! That includes a payment on account for next year, but I'm confused... wouldn't I have made a payment on account last year too, and all the other years?!
I have the money but it's still a hell of a shock!

OP posts:
Mum5net · 31/01/2025 11:01

@WhatTheKey
Prompted by your thread I logged back in.
I went from my log in to 'Business Tax Account'
Under Self Assessment there was a section that says : Your returns Your balance.
At that point I found I have a credit balance of £500. Hopefully yours will be much, much larger!

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