Hi everyone - hope someone can help...
My accountant has done my personal tax return, and due to the new 7.5% dividend tax I owe about ~£1500 extra in income tax from 2016/2017. As expected, I have to pay this by Jan 2018.
However, what my accountant has also said is that I need to pay some of my 2017/2018 income tax liability in this current year as well (half in Jan 18, and half in July 18). He has calculated my liability as the same as 16/17, and said that if the liability is different from last year, then I will make up the shortfall/add the extra afterwards.
His exact words were:
Does that sound correct? i.e. that I would pay the income tax on 17/18 before the end of the 17/18 tax year?
Many thanks!
Lou
My accountant has done my personal tax return, and due to the new 7.5% dividend tax I owe about ~£1500 extra in income tax from 2016/2017. As expected, I have to pay this by Jan 2018.
However, what my accountant has also said is that I need to pay some of my 2017/2018 income tax liability in this current year as well (half in Jan 18, and half in July 18). He has calculated my liability as the same as 16/17, and said that if the liability is different from last year, then I will make up the shortfall/add the extra afterwards.
His exact words were:
Additionally, the above 2016/17 liability [being in excess of £1,000] means that you are required to make 2 further payments on account of any liability that you may have to pay for the current 2017/18 income tax year - totalling the identical sum of your 2016/17 liability.
Many thanks!
Lou
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