Tax Bill up to £4,000
Each of the two payments on account will normally be 50 per cent of your previous tax bill.
Your bill for the 2019 to 2020 tax year is £4,000. You made two payments on account last year of £1,100 each (£2,200 in total).
The total tax to pay by midnight on 31 January 2021 is £3,800. This includes:
- your 'balancing payment' of £1,800 for the 2019 to 2020 tax year (£4,000 minus £2,200)
- the first payment on account of £2,000 (half your 2019 to 2020 tax bill) towards your 2020 to 2021 tax bill
- you have to pay your second payment on account of £2,000 by midnight on 31 July 2021
Three reasons you need to contact BKS Accounts
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