Paying Your Tax
Mark S. Elliott has spent 25 years working in various management roles within the tenanted and leased divisions of the UK's largest breweries and pub companies. His extensive knowledge and day-to-day involvement with pubs and publicans make him well qualified to know what is required to run a successful pub. He shares his knowledge and many 'insider tips' with you in this book. Mark is based in Cockermouth, Cumbria.
PAYING YOUR TAX
As a self-employed person, your tax is normally payable in 3 stages:
- 1On account by 31st January during the next tax year (normally half your previous year’s tax bill).
- 2On account by 31st July after the end of the tax year (normally the same as your first payment).
- 3A balancing payment or repayment by the next 31st January (calculated on the actual income returned less the payments you have made).
There are automatic penalties if you fail to pay your tax on time. Interest can also be charged on any tax that is overdue.
Take advice
Taxation can be a complicated subject and you should seek the advice of your accountant in order to minimise your tax liability and ensure that you are not penalised for failing to meet your legal obligations.
