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Estimate your January balancing payment and next January/July instalments for Self Assessment.
Last tax bill (income tax + Class 4 NI)
£
Tax deducted at source already?
No
Yes — £1,000
Yes — £2,000
Yes — £3,000
Balancing payment
£4,800
January payment
£7,200
July payment
£2,400
When payments on account apply
Usually triggered when your Self Assessment bill is over
£1,000
.
Each instalment is normally
50%
of the previous year's bill.
If your next year's profits will be lower, you can apply to reduce them — but don't undercut too aggressively.
💡 January often includes two parts: the balancing payment for the tax year just ended plus the first payment on account for the next one.