By: chrismear
Oh, I know you're not trying to get out of paying the tax. I'm just saying that it might not be possible to spread it out as you'd like.
As far as I understand it, you only pay your income tax after you've submitted that first self-assessment tax return. So over the course of 2009, you'll just get three bills that cover the income tax from the 2007/2008 tax year. Until then, you won't be paying any income tax at all. So it's your responsibility to sit on that money until the tax becomes payable.
As far as I understand it, you only pay your income tax after you've submitted that first self-assessment tax return. So over the course of 2009, you'll just get three bills that cover the income tax from the 2007/2008 tax year. Until then, you won't be paying any income tax at all. So it's your responsibility to sit on that money until the tax becomes payable.