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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I owe tax from my last 2 self assessment returns and I am having

Resolved Question:

I owe tax from my last 2 self assessment returns and I am having some problems working out what I actually owe. My questions are:

My bill from 2011/12 includes a payment towards predicted taxes from 2012/13. I have not paid this bill yet. My bill from 2012/13 does not seem to take into account the amount added to the 2011/12 bill. Is that just because I have not paid it yet? If I paid it all off now would I not have paid a portion of my tax twice?

I stopped trading in 2012 and stated this on my return but my 2012/13 bill still includes a payment towards 2013/14. How can I make sure I am not billed for this?

Thank you.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.

Hello and welcome to the site. Thank you for your question.

Your self assessment SA302 Summary Tax calculation would show tax payable for tax year 2011/12 (year ended 5 April 2012) and this amount is also treated as estimated tax for the following year. Your statement of account would be adjusted to reflect correct tax oustanding once the self assessment tax return for 2012/13 is filed and payments made.

If you stopped trading in 2012 then your tax return for either 2011/12 or 2012/13 would be your last return to cover that self employment.

You can claim to reduce payments on account for 2013/14 to nil, on the grounds you have ceased to trade, by completing SA303. You can download this form here

http://www.hmrc.gov.uk/sa/forms/sa303.pdf

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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