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Balancing Payment
graymic
Posts: 26 Forumite
in Cutting tax
Hi all,
I am in the process of filing my tax return. I have a question. I only intended to do work across 2016/17 and no further. Since the beginning of this tax year (17/18) I didn't do any contractor work.
As part of my submission, I knew I was due to pay circa £4,400 in tax. However, the total now due in Jan is around £7000 and in July £2300. This is almost the amount that I earned in contracting!
Presumably, I am able to reduce this balance by stating that I'm not going to earn the same next year as I am now in full-time employment on Pay As You Earn?
I am in the process of filing my tax return. I have a question. I only intended to do work across 2016/17 and no further. Since the beginning of this tax year (17/18) I didn't do any contractor work.
As part of my submission, I knew I was due to pay circa £4,400 in tax. However, the total now due in Jan is around £7000 and in July £2300. This is almost the amount that I earned in contracting!
Presumably, I am able to reduce this balance by stating that I'm not going to earn the same next year as I am now in full-time employment on Pay As You Earn?
0
Comments
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If you're confident that all of your earnings in 17/18 will come from full time employment then you can reduce your payments on account to zero. You can apply to reduce them after you've submitted your return (or there might be the option to do it during submission, I can't quite remember).0
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google: how to reduce payment on account
https://www.gov.uk/understand-self-assessment-bill/payments-on-account0
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