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Do you Accounts & Tax Returns next week!
sandiep
Posts: 915 Forumite
For anyone that is self employed, or in a partnership, who expects their taxable profits for 2008-9 to be lower than in the previous year, I strongly suggest that you get your accounts and tax returns done as soon as possible.
The tax that you paid in January was a payment on account for 2008-9, and the second payment on account is due in July.
If your taxable profits for 2008-9 are lower than those for 2007-8 then your payments on account will probably be overestimated. Why pay more tax than you need to??!!
If you are in this situation we suggest that you do your accounts and complete and submit your tax return. Don't ask for a repayment of the POA from January, carry this forward to reduce further the amount due for July. Pay the reduced POA in July.
Life is taxing enough, without overpaying tax during a recession. There is no benefit in leaving your accounts and tax return to the end of the year if you believe your taxable profits will be lower than last year.
And you're accountant will love you
The tax that you paid in January was a payment on account for 2008-9, and the second payment on account is due in July.
If your taxable profits for 2008-9 are lower than those for 2007-8 then your payments on account will probably be overestimated. Why pay more tax than you need to??!!
If you are in this situation we suggest that you do your accounts and complete and submit your tax return. Don't ask for a repayment of the POA from January, carry this forward to reduce further the amount due for July. Pay the reduced POA in July.
Life is taxing enough, without overpaying tax during a recession. There is no benefit in leaving your accounts and tax return to the end of the year if you believe your taxable profits will be lower than last year.
And you're accountant will love you
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