Energy Price Cap announcement: Watch Martin Lewis explain what it means for your electricity and gas bills this winter

Question about paying tax in advance?

in Cutting tax
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  • edited 26 July 2022 at 4:59PM
    purdyoaten2purdyoaten2 Forumite
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    edited 26 July 2022 at 4:59PM
    You claim a refund. However, if you are sure that your liability will be that low, why pay in July? You could, for example, reduce each payment to £645.85 which would mean that the payment made in January is sufficient to cover with no payment due in July. 

    ADIOS 🙋♂️

    (Ha sido divertido)
  • icicaticicat Forumite
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    Thanks man. yeah that's what I was thinking, just wasn't sure if the July payment was still mandatory even if my calculation showed less. So might be best to do a calculation before the 31st and if it is less then just pay whatever I owe (with Jan payment added) and forget about the second instalment.
  • purdyoaten2purdyoaten2 Forumite
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    icicat said:
    Thanks man. yeah that's what I was thinking, just wasn't sure if the July payment was still mandatory even if my calculation showed less. So might be best to do a calculation before the 31st and if it is less then just pay whatever I owe (with Jan payment added) and forget about the second instalment.
    Yes, but you will need to submit the return or HMRC will be looking for the payment next week UNLESS you complete the SA303 linked in my previous post. 
    ADIOS 🙋♂️

    (Ha sido divertido)
  • icicaticicat Forumite
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    Great, I'll look into the SA303. Thanks for all your help :)
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