Payment on account is a system used by HM Revenue and Customs (HMRC) to collect income tax and National Insurance Contributions (NICs) from people who are self-employed or have other income that is not taxed at source.
If your tax liability for the tax year 2022/23 is £1,000 or more then you will likely be required to make future payments of half of these amounts, once in July and once in January.
The next payment on account deadline is on 31st July. Make sure you don't get caught out if this applies to you.
At Olive Tree Bookkeeping all of our clients receive reminders about this in advance.
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