Any tax return experts here? 31st July payment. ..

  • This topic has 5 replies, 5 voices, and was last updated 3 years ago by  bonza.
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  • Any tax return experts here? 31st July payment. ..
  • meeeee
    Member

    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!

    ekul
    Member

    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!

    As above. Notify claim to reduce, pay the reduced amount and don’t worry. You could ring HMRC and do this if you’d prefer, it’s simple enough.

    meeeee
    Member

    Thanks guys 🙂

    Premier Icon flap_jack
    Subscriber

    Yes we did that (although back in January) all OK.

    Premier Icon bonza
    Subscriber

    There is no need to notify a claim to reduce.

    Just submit your 15/16 return ASAP and this tells hmrc what tax you actually owe for that tax year.

    Then just pay the lower correct amount.

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