Self-assessment payment on account if capital gains tax takes it above £1000?

Hi, I usually pay the tax from my self-employed income through my PAYE tax code and also do not need to make payments on account as it's always less than £1000. However, I have a one-off capital gains tax payment to declare for 2024/2025, which will be several £000s. So although my self-employed tax will be less than £1000 as always, the total amount of tax I owe just for the 2024/2025 tax year will be significantly above. I have a couple of questions that I can't find answers to online: 1. I had assumed that I wouldn't be able to pay the bill via my PAYE tax code as the total amount will come to more than £3000. However, I see that there is a separate mechanism for paying capital gains tax online rather than the alternative of declaring it in the tax return, so I am wondering if I can pay the capital gains tax separately and then continue paying my self-employed income tax via the PAYE tax code. Or is this not possible? 2. Would I have to make payments on account? Or is this requirement only if income tax due is more than £1000? I would prefer not to make payments on account as it requires a lot of payment in the first year of doing this, and it is only one tax year where my total tax owed is over £1000. Many thanks for any help!

Hi ,
 

You can still report the capital gains separately and pay it direct. You then still include this in the tax return but then show gains already reported and paid. This is only available until 30/12 and you need to use the reall time prior to submitting your main tax return - : Report and pay your Capital Gains Tax    Thank you .

Not HMRC...CGT does not factor in payments on account, EVER...equally, it isnt coded. If its property you cant use the real time service and must report online within 60 days of completion and pay also, if its not property then you can use real time service, but thats not really appropriate for most people in SA as CGT rates are based on marginal tax rates, which can only be known when SA is completed, and as you need SA for self employment there is nothing to be gained in using other systems unless property in which case you dont have a choice and must use that one.