Self Assessment - reduce 'payment on account'

Mikeyorks

chocolatebar2009 wrote: »

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.