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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5019
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I filled in my 2014-2015 tax return and the amount under the

Customer Question

I filled in my 2014-2015 tax return and the amount under the title "Total amount due for 2014-15" is what I expected. There is an additional amount of tax under the title "First payment on account for 2015-16" and I don't understand what this amount is related to.
Can anyone explain where this additional amount is coming from?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..When you complete your tax return and tax is calculated, under self assessment, HMRC assume that your tax bill for the following year would be the same in the absence of a tax return (as tax year is still in progress).Under self assessment tax is collected in two instalments i.e. 31 Jan and 31 Jul and theFirst payment on account for 2015-16 is collected on 31 Jan of the tax year and the second instalment on 31 Jul. Once the tax return for 2015-16 is filed and your tax position established then these two payments of account are taken into account to adjust your final bill for the tax year.More information on this can be found herehttps://www.gov.uk/understand-self-assessment-bill/payments-on-account 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.