I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Thanks for your reply.
So I'd pay £2,386.40 and £4,654. So the total is £7040.40?
Would I have to pay anything else at all?
Sarah, thank you for your reply.You should be paying your Class 2 NI on monthly direct debit. If this has not been setup, then you should contact National Insurance Contributions Unit and they would send you the relevant forms and also advise what you have to pay to date.As far as Tax and Class 4 NI is concerned you should pay before 31 Jan 2015Tax Year 2013-14 (4,654+2,246) = £6,900Tax Year 2014-15 1st instalment (6,900/2) = £3,450You will pay on 31 Jul 2015Tax Year 2014-15 2nd instalment (6,900/2) = £3,450
Once you submit your tax return for year ended 5 Apr 2015 later this year, your tax payable for 2014-15 would be calculated and adjusted for two payments of £3,450 made on account in the absence of real figure.I hope this is helpful and answers your question.
I am a little confused.
Am I forward paying based on an assumption that I would earn the same? What if this isn't the case?
And if I pay the second 2nd instalment (6,900/2) = £3,450 31 Jul 2015, then wouldn't that mean I'd paid all my tax before the deadline of next January? Why would this be so?