Payments on account
Article Abstract:
Some UK taxpayers have to make tax payments on account. This group includes the self-employed and people with investment income which is not taxed at source. The first payment on account is due by the end of the January during the tax year concerned. The amount paid at this point is normally half the tax bill of the previous year. The taxpayer can apply for a reduction in the payment if they believe that the bill for the current year will be lower than that for the previous year, but they will then be liable for interest charges if they underestimated the final bill.
Publication Name: Which?
Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1999
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Income from a job or pension
Article Abstract:
Employers in the UK are able to deduct the correct amount of tax from their employees' pay by using the Pay As You Earn (PAYE) code allocated to each employee by the Inland Revenue. The PAYE number is calculated by working out the allowances and tax relief to which the employee is entitled, with an amount then being deducted for any taxable benefits or income received. In some cases, an employee's fringe benefits and other income may amount to more than his or her allowances and outgoings.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1997
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