Frogchimp Tea
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Do I deduct payments on account made in Jan and July 2023 from tax the due for 2023/24?
Hello, I am confused about the payments on account. Last year (Jan 2023) I paid the full amount shown on my self assessment tax return calculation for 2022/23 plus 50% on account which I understand to be a payment towards the tax that will be due for 2023/24. I also paid a further 50% in July 2023 which I believe also goes towards the tax due for 2023/4. So when I do my tax return this January do I deduct the amount already paid last year and pay the balance due for 2023/24 plus 50% in advance for 2024/25? Thank you.