10 things you should know about payments on account if you’re self-employed
Cheap Accounting
NOVEMBER 29, 2021
The personal allowance (amount you can earn before you start to pay income tax) for the tax year 2020 / 2021 is £12,500. His tax bill for the year (excluding his Class 2 NICs which are not included in the Payments on Account calculation) will be: Profit minus personal allowance = taxable income.
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