INDIVIDUAL AX A)YMENT ATES

Individuals tax tax two instalments CGT be

paid instalments two situations
payment first
in
dates in .
-

can in :

tax tax If proceeds received instalments

b Income 31
January date is
important in individual µ will be
✓
-

v. in

dates exceed 18 months but less than

class LINK
payment of
✓ 2, .
which are

Previous tax divided

✓ 3, class 2 Nk
fiscal year
return
by ears then CGT will also be
-

✓ 4, capital
gains
tax cent
of previous fiscal year according to
percentage of proceed received
-

5) Class 1
Employee Nk
Payable every month
Class 2 NK
Of previous fiscal year in
particular fiscal year
-

a
-
.

Final instalment tax CGT

6, class 1
Employer Nk
Payment dates Not
of Class income 4 LINK 2, instalment is also available
if
asset is
-
-

7) Class I (A)
Employer NK included in Aix course
of previous fiscal year
.

gifted b¥ gift relief was

riot available .

tax discussed First instalment current Instalment asset

8, Inheritance >
Already with IHT
of fiscal year option will be available
if
-
.
.

21122 22123 012 Instalment

-
=
is Land 4 Building shares .
is

Individuals have to
file
their tax return on

# 0g
10
years
-

•
.

31
January after
end
of fiscal year
.
31

1 April 2021 31 March January 31 March

2023
2022
-
Class 2 NICE CGT are
paid on 31
January 2023

This
after end
of fiscal year
. means
along
IF person 's expected tax
with tax return a income
payable is
-

less than £1.000 01=2 his 80% 0¥ more income tax

=

need to
-

Income tax 9 Class 4 NK are

paid in is
paid in advance
,
then no
follow
instalments instalments Income Tax be paid 31
.
.
will on
January
1
,
31
January during Fiscal year after end
of fiscal year
.

Fiscal
2) 31
July after end of year
3) 31
January after end
official year special rules in CGT
Payments
end
20121 -

Normally CGT is
payable on 31
January after
of fiscal year
s .

CGT residential
31
January 31
July 2021 31
""
Jan .
-
However
if
arises on
property
2021
1
April 2020 31 March 2021 then it is
payable
in 30
days of disposal .

c- -

First Its return to

based has be
filed
two instalments are last
-

also in 30
year
on
-

tax Each disposal

. instalment is 501
of previous year days of
used
income tax
Payable 4 Class 4 Nic Annual Exemption E. losses will be
-
.

based to date
-
Last instalment is on actual return E. according other disposals to that

it / under Tax applied to

settles over
payment rate will be
according
-
.

IF current loss 0¥ expected band the

of
business is in
year
in
year usage
- .

that tax This revised

a person thinks current
year
will return will then be in
final
-

be
significantly
less than
previous year ,
then he return G over / under
payment can be
adjusted .

can use
budgeted tax instead
of previous year
 -0
PAGE 200

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-
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- -

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-

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- -
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- -

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- -
e- - - -
 PAGE 201

① To I ②
-

= - -

•
EE E-_ E-
-

→ - -

-8€
.
 Final
Ray G Shanira
page 200 (a) i - Final instalment
of 21122 : -

instalment
of
22123 will be :

Income tax 6700 Income tax 22123 13,900

payable of
- = -
=

3285 22123
Tax
Payments Class ( w3)
between Class 4 ( Wl) 4 3965
Of
Nlc
July 31 March
1 2021 & 2024 -
= -
NK =

*
9985 17,865¥
second inst
( ( 4993
yqqz )
.

)
31
July 2021 20121 Paid in
first
2 instalments
Already paid in
first
two inst
-

of
- - .
-
=

0 Final instalment 9985 Final instalment 7879

inst
Final Class 2
CGTOJ First inst
of
. .

£132 £3.05 159

31
January 2022 20121 t 1- 20121 + Class 2 Nlc ( wz) Class 2 NIC ✗ 52 =
21122
=

ogzolzi
-

Of
Nic =
- -

0 + 0 + 0 + 0 CGT
second inst .
-CÉ -
=
0

10,117 8038
31
July 2022
Of 21122
-

0
inst
Final Class 2
CGTOJ First inst
Of
. .

t 211221-21/22 + Class 4 WI Class 4 22/23

of
31 NIL
January 2023 22123 WI NIC
-

21122
Of
NIC
of
-

4993
9985
Trading Profit
0 +
Profit
t 132 t 46,000 66.000
Trading
- =
-
=

second inst .

-
31
July 2023
of
22123 -
9500 ✗ Of =
0 -

9500 ✗ Of = 0

4993 36,500 91 3285 40.500 ✗ 9-1

× = .
=
3645
inst
Final .
Class 2
CGTOJ First inst .

Of 46,000 3285 50.000

31
January 2024 22123 t 221231-22123 + 23124
-

Of
Nic

7879
of 16.000
t 159 t O t 8933 class 2 NK
✗ 21 =
320
WI
= £305 /week ✗ 52 weeks ✗ 1012 = £132 66.000 3965

20121 -
Business was started on 1 June 2021

-
In 20121
Ray was
employed and whole
of
his tax &
fiscal year ends on 31 March 2022 . 23124
First instalment
was paid at source 22123 two
of
23124 will be based on
-
.

(22/23)
instalment than tax First two instalments be based tax 4 Class LINK
No
for 20121 as more 801
of 22123 will
previous year
income
payable
- .
-

was
paid at source .

on
previous year i 2112--2 income tax -

Income tax
payable
8 = 17.865

Final tax 20121 also whole 4 NK Class 4 22123

payable of 9 Class NK
payable
is as
zero
of
-
.

tax paid at Income tax 8 9985 First two instalments 23124--17.865×501--8933

payable of
was source .
-
=
-

21122 Class 4 21122

of
NIC

First two instalments based Instalment 49-9-3 If Ray inventory levels it

for 22123=9985 501
21122 be ✗ will then will
of
will on =
increase
- - -

tax G 4 No
previous Class be added stock
affect of
As
year
income NK in in
closing closing
.
.

tax Last stock taxable it

previous
year
20121 income
payable was
zero " "" M " "
⑨
22/23 will be based on income unless issold
- .

IF
tax paid firstgo additional
at tax
Ray
••
as whole was source .
on actual return .
-
will purchase equipment
+ "° instalments 21/22 will also be zero , go, ) then it will result capital allowances it
of
, , in on
,

Final instalment 21122 be based actual reduce taxable income

of
-
will on which will .

return .