📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

payments on account carried forward

MoneyTreeMe
MoneyTreeMe Posts: 55
10 Posts
Forumite
edited 26 January 2021 at 11:28PM in Cutting tax
Hi,
I paid half of this year's tax bill when I paid my 18-19 taxes via self assessment by retrospective payments on account.
I'm about to submit the 19-20 tax form online but see no option to carry those payments on account paid last year to this year... to reduce this year's tax bill.

Advice appreciated. Thank you.

Comments

  • You don't, they form no part of your 2019:20 tax calculation.

    You need to file the return and check your Self Assessment account in a couple of days.

    This will then have been updated to show the Balancing Payment for 2019:20 (if one is required) and any payments on account required for 2020:21.

  • Hi,
    I paid half of this year's tax bill when I paid my 18-19 taxes via self assessment by retrospective payments on account.
    I'm about to submit the 19-20 tax form online but see no option to carry those payments on account paid last year to this year... to reduce this year's tax bill.

    Advice appreciated. Thank you.
    Your tax liability for 2019)20 is as detailed in the tax calculation. 
    The balance due on 31st January is the amount shown on that calculation less any payments on account made in respect of 2019/20 on 31st January 2020 (and 31st July 2020 if you paid anything).

    You are also required to make a payment on account in respect of your 2020/21 liability on 31st January.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.9K Banking & Borrowing
  • 255K Reduce Debt & Boost Income
  • 456.2K Spending & Discounts
  • 248.4K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 179.1K Life & Family
  • 264K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.7K Read-Only Boards
Quick Search

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.