Business, Legal & Accounting Glossary
Payment on Account is a tax payment made twice a year by self-employed people in order to spread the cost of the year’s tax. It is calculated by looking at your previous year’s tax bill, and is due in two instalments. The Payment on Account can be thought of as a way of paying off some of your tax bill in advance.
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This glossary post was last updated: 10th August, 2019 | 1 Views.