- Any tax return experts here? 31st July payment. ..
So my self assessment payment is due soon, and had the letter from hmrc with what I owe on 31st July. Got my end of year accounts for 2015/16 back this morning for approval and due to reduced turnover my actual payment should be abut 40% less.
Is there still time to submit the latest return and just pay the reduced amount or will I have to pay the amount hmrc asked me for and claim it back?
Going to ask accountant on Monday but its just been really stressful trying to get the amount hmrc asked for so would be nice to hear now if I can stop worrying or not for rest of weekend!Posted 3 years agoekulMember
From the hmrc website…
Reduce your payments on account
If you know your tax bill is going to be lower than last year, you can ask HM Revenue and Customs (HMRC) to reduce your payments on account. Either:
log in to your online account and click ‘Reduce payments on account’
send form SA303 to your tax office
HMRC will send you a refund if the payments on account you’ve made are higher than your tax bill.
However, with it being nearly mid-July now it might be a little late for that to all go through before the 31st. It may be difficult now but the bonus is you’ll probably be due a rebate in January and the amount owing on your first payment for the next year will be lower.
IANA (fully trained) accountant. Although this has highlighted a bit of a hole in my knowledge for my exam on Wednesday ha!Posted 3 years ago
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