Hi,
Sorry... I have read through related threads but it's not quite clear to me.
I underpaid my preliminary tax this year, and have just corrected that, but I'm unclear if there are penalties.
What it comes down to is...
Does the 90% (this year)/100% (last year) preliminary tax due by Oct 31 include the PAYE liability? Or does it only include "unearned income".
In case it matters, over 90% of my tax is PAYE.
I have paid over 100% of last years unearned tax, but I do see people implying/saying the amount should include all income. However if that was the case odd scenarios would arise... ie.. PAYE people only pay 85% of their annual tax by Oct 31... so if they were self-assessed they would need to pay preliminary tax to cover a PAYE liability even if there were no other amount due..
Ix.
Sorry... I have read through related threads but it's not quite clear to me.
I underpaid my preliminary tax this year, and have just corrected that, but I'm unclear if there are penalties.
What it comes down to is...
Does the 90% (this year)/100% (last year) preliminary tax due by Oct 31 include the PAYE liability? Or does it only include "unearned income".
In case it matters, over 90% of my tax is PAYE.
I have paid over 100% of last years unearned tax, but I do see people implying/saying the amount should include all income. However if that was the case odd scenarios would arise... ie.. PAYE people only pay 85% of their annual tax by Oct 31... so if they were self-assessed they would need to pay preliminary tax to cover a PAYE liability even if there were no other amount due..
Ix.