Charged interest on 2013-14 tax year?

zygurat789

techno12 wrote: »

Yes, but the online return has a section at the end where you can change it and select one of 5 options as to why (and give additional info, which I quoted above). It implies it's ok to amend the amount to any figure you want, which led me to believe it's fine as the whole process is self-assessment anyway. I'm not psychic and don't know what the amount will be, so I set it to zero, thinking I could settle the whole thing as a balancing payment the following Jan (ie today).

Anyway, I've paid the whopping full amount, including payment on account for the 14/15 tax year (which will be a gross over-estimation based on my earnings so far this tax year, but I don't want to take the chance of surprise retrospective interest being applied again).

I've learned something today though - thanks for the replies!

If you click the ? to the right of the question at 6. View your calculation it gives you the reasons you may reduce your payments on account. You don;'t have to be psychic, the system calculates each of your PoAs as one
half of this years liability. If your profits have increased you pay the balancing amount very late, if your profits have reduced then you can work out your liabilioty and enter the amount accordingly