Self Assessment – Why do we Pay On Account?

Whether you are self employed or employed and receiving untaxed income, you would have had to, at some point, file a Self Assessment Tax Return, or atleast sign one that was prepared by your accountant.

Within the UK, there are set deadlines for when you have to pay your taxes by to H M Revenue & Customs. The two main dates are 31st January and 31st July.

Let us take the first date, 31st January. If your calculated tax liability for the  [read more →]