Final self assesment after ceasing trading

Carl1991

Hi all, I'm after some advice please, i started trading in 2018.
I have just filled out my final self assesment for 19-20, I went into full time employment on the 1st jan 2020, informed HMRC that I was no longer self employed using the links from their website.
I have already made the first payment on account for 19-20 tax year, of £885 (18-19 bill was 1924 plus 885) and the next 885 is due on 31st of July.
Upon clicking view my calculation, it is still saying that I must make a payment towards 20-21?
This year is £1536.42
Plus 1st poa of £708.21?
I understand that a bill over £1000 you pay half towards next year, but
I'm rather confused as I've ended trading using their website, altered the accounts made upto dates, on the self assesment have told them I ceased on the 1 jan.
 On a second question, do still I need to make that second payment on account due in july even if my remaining bill will be less? 

I'm not sure if I've worded it all  correctly, apologies if not. 
I've tried speaking to hmrc several times in the last week, can't get through or just cuts off after an automated message of I can find all the info out online.
Many thanks

sheramber

If your bill for 2019/20 is £1536.42 then you need to pay half 31 Jan 2020 and half  31 July 2020
 As you have already paid £885 on 31 Jan the extra will be set off against the  July POA leaving the balance payable.
1536.42 - 885  = 651.42 due 31 July.
Your statement of account should be updated to show that.
The tax return calculation does not take into account any payments made. That is done on the statement.

Dazed_and_C0nfused

Based on what you have posted your first payment on account for 2019:20 will be reduced to £768.

As you have already paid £885 you will be overpaid £117

This will normally be used to pay some of the second payment on account for 2019:20 which will also be reduced to £768.

It is possible that once you filed your return HMRC will determine that no return is required for 2020:21 in which case the payments on account for that year will be cancelled.

The best thing you can do now is file the return and then forget it for 4-5 days.  Then go and check your Self Assessment account on gov.uk and you should see how the payments on account have been adjusted.

If you have some Class 2 National Insurance payable then it might be slightly different, maybe
2019:20 1st POA £708.21 (Jan 2020)
2019:20 2nd POA £708.21 (July 2020)
2019:20 Balancing Payment £120.00 (Jan 2021)

Carl1991

Thanks for your help, I'll submit my assesment and go from there. Many thanks 

[Deleted User]

But you have said that your POA is £708.21? Is there student loan repayments in the £1536.42? Student Loan payments are not included in calculating POA.

Dazed_and_C0nfused

Think Class 2 NIC may be treated the same.

[Deleted User]

Dazed_and_C0nfused said:

Think Class 2 NIC may be treated the same.

You are correct - not included.

Carl1991

No student loans, thanks