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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am newly self employed (October 2014) and had small

Customer Question

Hello!
I am newly self employed (October 2014) and had small revenues and no taxes due for the 2014/2015 period, and thus nothing to pay by 31st January 2016. Am I required to pay any advance tax payments for the 2015/16 year on 31st January and 31st July, as from what I can see that requirement is based on the amount due for 2014/15, which was zero.
Thanks!
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thanks for your question. Although advance payments for tax year 2015/16 are based on tax payable in 2014/15 (in the absence of actual numbers) you should make a payment on account if you think the profits and tax payable for 2015/16 would be greater than zero. This would avoid any interest charges for late payment.You can make a payment on account online using HMRC site and details about how to pay are covered there. 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