Absolutely nothing. Well sort of, HMRC sets up the payments automatically for you, as long as you’ve not specified for them to do otherwise; by ticking the box on your tax return that asks them not to do this. Then over the next 12 months higher tax deductions will be made from your salary or pension, on top of what you would normally have to pay from your PAYE income.
If you don’t qualify by the 3 criteria above then you won’t be able to pay your tax this way.
Class 2 (‘Self Employment Stamp’) National Insurance cannot be paid through your tax code and you will have to make payment in the January following the end of the tax year.
This is a great way for you to spread the cost of your tax bill throughout the year, in easy to manage nuggets each month. It could save you the stress of having to put money aside, and remembering to pay your bill by January 31st.
But remember, your tax return must be submitted by 30th December to qualify!
If you’re stuck or still struggling then head over to our free resources page , where you can find our free tax return checklist to help you compile all the relevant information needed.
It’s always nice to reward your employees, especially those who may have worked for your business for a long time. Find out how you can do this and still reap the tax benefits.
If you want to grow your exports then the government want to help you on your way with Finance, Insurance and opportunities to meet potential customers. Yippee!
There’s a hidden gap in skills and knowledge between those of us who are qualified Accountants, and those who refer to themselves as Accountants. Every day we make an investment in your business to ensure you receive the quality of advice you need to protect your business.
It’s January and its ‘National Pay Your Self-Assessment
Your tax return should be safely in the HMRC net now but if you didn’t file before 12th December you will not receive a statement and payslip in the post. In any case, it’s best to brace yourself for making the payment as the statements are drip feeding very slowly through the postal system as I write.