Newly self employed 2023/24- when to pay tax?

Posting on behalf of someone who has asked me for advice. Started tax year 2023/24 as employed so tax deducted under PAYE but recently started as self employed. Does he have to make a provisional tax payment on account for 31 January 2024 regarding 2023/24?We understand final payment for 2023/24 due by Jan 2025. If a provisional payment on account is required, how does he calculate this - is it 50% of estimated self employed income for 2023/24? Thanks

Hi,

It depends on the actual level of income and tax due. If the bill is more than £1000, payments on account will be required and will be based on the tax bill due. You can see guidance here:

Understand your Self Assessment tax bill

Thank you.

I am in the same position and don't know if I need to submit by 31st Jan 2024 or 2025 - the HMRC response is not helpful, sorry

Hi
If only started after 6/4/23, your first return is not due until 31/1/25.