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Hi, i have been as self employed for a few years now, i had

Customer Question

Hi, i have been as self employed for a few years now, i had to pay tax on account in tax year 2010/2011. In 2011/2012 i didn't have to pay on account as my tax bill was less than £1000 and i even got a rebate.
I am just sorting out my accounts for 2012/13 and it looks like my tax liability will be over £1000 again. Will i have to pay on account again or do the tax look at any other years (2011/12) where my income was lower.
I have been very quiet this year 2013/14 so far and it looks like my income will be about half of what i have earned previously.
It seems i am just over or under the threshold in alternate years
If i have to pay on account i may have a £2,000 tax bill in January.
I have heard you can get the payment on account reduced if your income for following years is going to be lower
Is this true/is there anything i can do about this
Many thanks
Hope you can understand this query
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

HI

 

Thanks for your question

 

As the 2013 return will give rise to a liability over £100 then yes payments on account will be asked for.


However, if the income for this current year is half of what 2013 was, then you can ask to reduce payments on account, which you either do when completing the 2013 return online OR via HMRC online services, or by completing SA303 link here for that form http://www.hmrc.gov.uk/sa/forms/sa303.pdf

Or telephone HMRC after the return has been submitted (allow 24 hours for it to clear online)

 

If you file by a paper return (and have it in by 31/10/2013) then wait until you get the demand (mid December/early Jan) and then ring HMRC or send in SA303

 

Thanks

 

Sam

Expert:  Sam replied 3 years ago.

Hi

 

I do apologise my opening sentence should have read

As the 2013 return will give rise to a liability over £1000 then yes payments on account will be asked for.

 

Please do let me know if you have any follow up questions., and if you could rate the level of service I have provided, it would be appreciated.


Thanks

 

Sam

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