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Posted Tue, 05 Mar 2024 17:14:00 GMT by Mark
Hi, If my PAYE income for a particular year was circa £50,000 (tax say £8000 for example) and my sole trader business had £2000 tax owing would I need to do payment on account for the entirety of my overall income after doing self assessment? Or is the payment on account just on the income not taxed at source? Just checking im not gogin to get a huge tax bill! Thanks,
Posted Fri, 08 Mar 2024 11:30:00 GMT by HMRC Admin 20
Hi Mark,
Payments on account are due if the balance due for the previous tax year was over £1000 and less than 80% of tax deducted at source.
Please see Understand your Self Assessment tax bill for more information.
Thank you.
Posted Fri, 08 Mar 2024 12:08:35 GMT by Mark
I understand that but that’s not my question. My question is as above - if subject talent on account am I only going to pay tax for income not taxed at source? Or that and PAYE tax for the following year?
Posted Mon, 11 Mar 2024 14:59:00 GMT by HMRC Admin 8
The payments on account would collect the tax due on your self employment income over two installments.  
This is separate to income tax collected through PAYE.
Thank you.

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