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payment on account
commer., fin., account.	ħlas akkont
English thesaurus
payment on account
gen.	Payments on account are tax payments made twice a year by self-employed Self Assessment taxpayers to spread the cost of the upcoming year's tax. They're calculated based on your previous year's tax bill. In other words, HMRC is making a prediction about your future income based on your past income. They're due in two instalments – the deadlines are 31 January and 31 July. (simplybusiness.co.uk LadaP)