First Payment on Account

Where you are required to make Payments on Account this is the total for the first payment. Under Self Assessment some people make two 'Payments on Account' of tax in advance of the final payment date. Where you have to make 'Payments on Account' each payment will normally equal one half of the previous year's tax liability (after taking off tax deducted at source and tax credits on dividends). The payments are due on 31 January in the tax year, and 31 July following the tax year.