payments on account- personal tax

meibaker

hi guys, not sure if i understand this right, please someone confirm for me please

payments on account do not have to be made if either
the amount of tax payable the previous year was less than £1,000 (exclu tax deducted at source)
more than 80% of the tax due the previous year was collected at source
so is that means if one of the above happened, we don;t need to pay anything???

jewels.p

meibaker wrote: »

hi guys, not sure if i understand this right, please someone confirm for me please

payments on account do not have to be made if either
the amount of tax payable the previous year was less than £1,000 (exclu tax deducted at source)
more than 80% of the tax due the previous year was collected at source
so is that means if one of the above happened, we don;t need to pay anything???

Yes that is correct. My partner is self-employed and he pays payments on account. I didnt know what it meant but read up on it and you are correct in what you say.

meibaker

thanks for your help!