If your tax bill is over £1,000 you will have to pay payments on your account to the HMRC.
These payments add up to the amount of tax that you paid during the last tax year.
Half of the payment must be given in January and the other half in July.
-The exact payment dates will be at the end of this month.
If your tax in the 2014/15 tax year was £1,500, then you will pay £750 on January 31st 2016 and another £750 on July 31st 2016.
If you make less in the 2015/16 tax year than you did in the 2014/15 tax year, then you would usually have a rebate as you would of paid the payments on account for tax on the amount you made last year.
If you make more, then you will just need to pay the difference.
If you found this blog post follow us now.