tax returns/ tax bill?

Answer 1

This has got to be one of the vaguest questions on this board for a while.

If you are in the self assessment system (and not everyone is) you are required to submit a return for a tax year within ten months of the end of that year.

Payments are a bit more complicated.

For any particular tax year (let's use 2006/07 as an example) you should make an interim payment on account of tax due by the 31st January within the year. (That's January 2007 in the example) Since this is before the end of the tax year and the liability cannot be known for sure the amount to pay is fixed at 50% of the amount shown as owing on tthe previous tax return (i.e. 50% of the figure in box 18.3 on your 2006 return).

A similar payment is due on the the 31st July immediately following the end of the tax year.

When the return is completed and the actual tax liability known any balancing payment is due by the following 31st January. (Confusion often arises here because you are also paying the first interim payment on the next tax year as well)

There are refinements to this general procedure where the amounts due are small or where most of the tax liability is collected at source but your question does not give much of a hint as to what info you were after.

Answer 2

Tringyokel has far too much patience.

If you can't phrase a question, then please get an adult to help you.

For a full answer see Simons Taxes or Finance Acts 1843-2007.

Answer 3

Some people can write an essay even though there is no question !!