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Self Assessment - reduce 'payment on account'

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  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Hy
    If anyone can help me id be very gratefull

    What is your profit figure? If it's less than £8105 (the personal allowance (PA) for 12/13) ...... then you may be better putting all your allowance against the PAYE job. To do that you complete a P46 (employer should offer it) saying (Box 'A') this is your sole job. That will give you a PAYE Code of 810L. But you then need to bear in mind all your profit under SA will be chargeable at 20% (if your PAYE exceeds £8105) when you come to file your 12/13 SA Return .... as you've use the PA under PAYE. If you don't earn more than the PA - then the balance will be set off against your profit.

    When you come to file your 11/12 SA Return ..... the PAYE job has no effect provided you started after 5/4/12. When you complete the 12/13 SA Return - you complete the employment sheets additionally - figures entered off your P60 that you will get in Apr / May 2013.
    If you want to test the depth of the water .........don't use both feet !
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