Not a problem at all. I appreciate it.
P.S - I have no deductions etc so the above is the total owed.
Hi again.If you have a taxable profit in 2014/15 of £19,000, the first £10,000 will be tax free (the personal allowance) and you will pay tax at 20% on £9,000 (£1,800.00). The Class 4 NIC charge will be £993.96 (£19,000 - £7,956 x 9%). The Class 2 NIC liability will be £143.00 (£2.75 x 52). The total tax and NIC liability for 2014/15 will be £2,936.96 and this will be payable in full on 31 January 2016.For 2015/16, you will need to make a payment on account of £1,468.48 (50% of the 2014/15 liability) on each of 31 January 2016 and 31 July 2016. If you think your 2015/16 earnings will be less than those for 2014/15, you can reduce the payments on account to a more appropriate level. If your 2015/16 earnings are more than those for 2014/15, you will have a balance to pay on 31 January 2017. Then, it starts all over again.Take a look here for more information on how the payments on account system works.I hope this helps but let me know if you have any further questions.