Self assessment - submit it now?

huwy123

hi there,

I have approx 2k to "payment on account" due 31st July.

As I understand it the payment on account is based on the assumption you will pay the same tax next year as you did last.

However my tax bill of 2012-2013 should be much lower than 2011-2012

If I file my self assessment now for 2012-2013, will the payment on account amount reduce?

Hope this all makes sense. I am not an accountant

Cheers,

Huw

grey_gym_sock

i think you have to apply separately to reduce the payments on account. (you can do this online.) submitting the return might help, though, as it will show you (if you do it online) exactly how much you owe, so you can reduce the payments to the correct amount. if you reduce them too far, you will be charged interest.

e.g. if the payments on account are 2 x £2000 = £4000, but you will only owe £3000, then you should apply to reduce them to 2 x £1500. since you presumably already paid £2000 on 31 january, you will then only need to pay £1000 on 31 july.

morgani

It would be best to apply online to reduce the poa or file a paper application.

dori2o

If you submit the self assessment online now, the system will automatically make any adjustments to any payments on account that are due now/becoming due at the end of this month.

You will be able to see the revised amount that is due by logging back into the system 2-3 days after submitting the form online.

huwy123

Thanks for the advice.
Will check the hmrc website in a couple of days

huwy123

hi all.

This worked. I submitted my return online and checked back tonight. I now have nothing due at the end on the month. :j

Cheers for the advice.

-H