In order to fulfil your preliminary tax obligations for 2024, a payment should be made along with the filing of your 2023 tax return. Preliminary tax is an estimate of the tax you will owe on next year’s tax return.
You have three options when deciding what level of preliminary tax you should pay:
Based upon 100% of your 2023 tax charge.
Based upon 90% of your 2024 tax charge (this will need to be an estimate at the time of filing the return).
105% of your final tax charge for the pre-preceding tax year (2022). This option is only available where preliminary tax is paid by monthly direct debit.