Quick tax question

[bigbaddom]

Last year was the second year a filled in a SA form, but the first year in which I was also employed so total income was significantly higher.

They asked me to make a payment at the middle of this year to take into account income already recieved.

I think this is called payment on account?

Anyway couple of question,

a) do they send you a reminder with ammount and deadline?
b) does anyone know the deadlin? is it generic or different for different things?
c) if they dont send a reminder does anyone know where the ammount and deadline will be shown? which bits of paper do i need to find?

Thanks guys

ps. call me lazy, but I have just been reminded of this by my sister, she cant find details either, ive looked and I cant see anything... maybe dumb is a better discription
Dom

[smartie]

a) usually you will get a statement, probably anytime now.
b)31/07/08
c)half the payment made for 2006/07 - should be a figure on your tax return of give them a call.

[bigbaddom]

Smartie! fantastic. Thanks for that.

[Eric Mc]

Your 2007/08 Payments on Account are based on your 2006/07 Self Assessment tax liability. If your real 2007/08 tax liability is likely to be less than the 2006/07 liability, you are allowed ask the Revenue to reduce the amount you need to pay on account for 2007/08.

Were you aware of this and is your 2007/08 Self Assessment tax liability likely to be lower than that for 2006/07?

[bigbaddom]

I knew you would be along soon....
My tax liability is likely to be very similar, maybe slightly more, but only slightly....

Thanks for checking though Eric, and I will bear it in mind if my circumstances change

[smartie]

you can choose to reduce it anyway, but if you get it wrong they will charge interest on what you should have paid.

[Eric Mc]

bigbaddom said:

I knew you would be along soon....
My tax liability is likely to be very similar, maybe slightly more, but only slightly....

Thanks for checking though Eric, and I will bear it in mind if my circumstances change

When you say your "tax liability", are you referring to your overall tax liability - including the element paid under PAYE - or are you referring solely to the Self Assessment element?