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What are Self-Assessment 'Payments On Account' or POAs#AskAMS

If you have recently started trading as self-employed, your first income tax bill will be due in the January following your first trading year-end date and will include an extra 50% as a Payment on Account (POA).

This payment goes towards the tax bill for the following year. In addition to this, a further POA of 50% will have to be paid the following July. So, within a six month period, you may well have to pay two years’ worth of income tax!

AMS Accountancy Ltd

AMS Accountants in Swindon provide a complete accountancy service for small businesses in Wiltshire and a monthly accountancy service for contractors throughout the UK.

Delta 606, Welton Road, Swindon, SN5 7XF

Website Email 01793 818400

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What are Self-Assessment 'Payments On Account' or POAs#AskAMS

If you have recently started trading as self-employed, your first income tax bill will be due in the January following your first trading year-end date and will include an extra 50% as a Payment on Account (POA).

AMS Accountancy Ltd

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