Dear Members,
I am self employed and awaiting the outcome of my tax return. I have will be facing income tax/class 4 payments.
However, I have been alerted that if my income tax/class 4 totals £x for April 06/ 11 - April 05/ 12, I will also be facing on Jan 31st/13 not only £x but also an additional £(x/2) on top so will be facing a payment of £(3x/2) Jan31st/13 and then £(x/2) in July 31st/13. How is this justified?
Can someone tell me how this works out as I will not have earned the extra income to pay two lots of income tax? Will it be like this every year?
Sorry for query its just that its all new to me!
Thank you for your help,
Simon
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