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Payments on Account amount paid - not deducted from latest self-assessment amount requested by HMRC?
martinisfab
Posts: 59 Forumite
in Cutting tax
I have done my online self-assessment for tax year 2020-21. The sum HMRC are asking me to pay on the final screen does not deduct the two Payments on Account sums for 2020-21 I paid in advance, in January and July 2021.
I would have thought that in this day and age HMRC's calculation of the sum due would have deducted Payments on Account amounts paid?
Therefore, do I need to manually calculate the amount I have to pay HMRC for 2020-21 (and the next Payment on Account) after deducting the 2020-21 Payments on Account amounts already paid?
Do I need to notify HMRC somehow (how?) or will their calculators automatically calculate the Payments on Account amounts paid? I don't wish to suffer any issues because they think I have underpaid!
I've searched extensively online, but, strangely, there is only one reference anywhere to the above.
Thanks for your advice.
I would have thought that in this day and age HMRC's calculation of the sum due would have deducted Payments on Account amounts paid?
Therefore, do I need to manually calculate the amount I have to pay HMRC for 2020-21 (and the next Payment on Account) after deducting the 2020-21 Payments on Account amounts already paid?
Do I need to notify HMRC somehow (how?) or will their calculators automatically calculate the Payments on Account amounts paid? I don't wish to suffer any issues because they think I have underpaid!
I've searched extensively online, but, strangely, there is only one reference anywhere to the above.
Thanks for your advice.
0
Comments
-
The calculation has now determined your tax liability for 2020/21. You are correct in your assumptions- this is how self assessment has operated since it’s inception in 1997. Your statement will update shortly to take account the payments that you have made towards this bill.
See this thread:
https://forums.moneysavingexpert.com/discussion/6324922/payments-on-account-2nd-year#latest
2
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