Filing a Self-Assessment Income Tax Return? You have until January 31


What do I have to pay on my return?

Before January 31, you will have to pay:

  • Any tax due from 2017/18.
  • The first half of the tax due for 2018/19. Most self-assessment payers are also required to pay the first half of what is known as a “down payment” for the 2018/19 tax year.

    This is half of the total tax expected for 2018/19, which is estimated based on what you earned and paid in taxes the previous year. So if you owed £ 2,000 for 2017/18, the first deposit will be £ 1,000, payable by January 31, 2019.

The next half (£ 1,000 in the example above) must be paid by July 31, 2019 and on January 31, 2020 you will settle the 2018/19 tax bill, as you currently do for 2017/18.

If you think you are not making that much money, you can request a reduction in your down payment, but you will need to give a valid reason, such as an expected drop in profits or a change in circumstances.

You only need to make down payments if your tax for the previous year was more than £ 1,000. But if you’ve already paid more than 80% of that amount – for example, through your tax code or because your bank deducted interest from your savings – you won’t owe any down payment.

HMRC will usually send you a self-assessment statement that shows how much you owe, or you can check your tax bill online.


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