A reminder to the self-employed that next Monday, November 1st, is not just All Saints Day but the deadline for payment of preliminary tax for the 1999/2000 tax year.

Unlike previous years, notices of preliminary tax have not been issued to taxpayers and practitioners. Instead, they should have received a letter from the Collector-General reminding them of the due date for payment and emphasising the basis for calculating the correct amount of tax due.

This can be done on the basis of paying 90 per cent of the final liability for 1999/2000; 100 per cent of the final liability for 1998/ 99 or 105 per cent of the tax liability for the pre-preceding year of assessment in the case of those paying through the direct debit scheme.

The 105 per cent option is not available where the tax liability for the preceding year is nil.

At any rate, the obligation is now on the taxpayer to pay the correct amount of tax. Failure to pay the correct amount will give rise to an interest liability.