What we are saying is put the estimated income for the whole period, so the full 12 months of the tax year.
Confusedsays: 21 November 2013 at 17:01
But the tax year has ended Feb 2014 then of which I then will have already paid tax for that year
If I put my income down for a whole year in August, I will then pay tax in Aug AND in next Feb then each for a year???
Sorry, very confusing
TaxTimsays: 21 November 2013 at 18:18
The provisional tax returns take into account prior tax payments and makes you pay the difference. In August it takes the full year and calculates the tax and then halves it. For the final return all amounts already paid are credited against tax payable.
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