While you might undertstand your estimated tax bill, you might not have heard about payment on account - which can lead to a 150% tax bill in your first year!
Understand what Payment on Account is, so you’re putting money aside to cover the cost.
Payment on Account can be a nasty surprise if you’re not aware of it.
It can effectively mean you’re paying 50% more tax than you expected to pay in your first year - and if you’re not putting money aside, you might not be able to afford it.
1/ Read our guide on Payment on Account, and understand what it means.
2/ Consider estimating what your tax bill might be this year, including your payment on account figure.
3/ Consider working with an accountant to help you understand what will be due, and how to reduce your tax bill.
4/ If you’re worried and unclear about what it means, browse the resources, and ask in the community for help.
