I'm trying to work out how much money I have to pay hmrc this year. I'm finding the way they give me the calculation confusing
My calculation is :
£2,580.33 First payment on account due jan
£5,319.67 balancing payment due jan
£2,580.34 second payment on account due july
last year I paid £1290.24 x 2 payments on account (I believe these are deducted from my balancing payment for this year correct?)
How much am I paying this year ?
Also I find how they calculate class 4 NI confusing. Why do they tax me @20% on £16,595 (which is my profit minus personal allowance) but they use a figure of £20,463 to work out my class 4 national insurance, why do they use a different figure and not £16,595.
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