Income Tax payments for the self employed are normally made on the 31 January and the 31 July in two equal instalments followed by a balancing payment the following January.
For a year end of 31 March 2007 the tax on that set of figures would be paid partly on the 31 January 2007, partly on the 31 July 2007 and the balance due would be payable on 31 January 2008. Care needs to be taken in the initial years of trading as no on account payments will yet have been made and therefore the whole tax liability would be due on 31 January following the 5 April that your Tax Return is prepared.
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