Payments on Account

Jeremy535897

The thread was horribly complex, and on a similar one I found this article that explained it in depth:
https://www.mandg.com/pru/adviser/en-gb/insights-events/insights-library/top-slicing-relief-facts?utm_source=legacyurls&utm_medium=301&utm_campaign=/knowledge-literature/knowledge-library/top-slicing-relief-facts/

Mothman

The problem is not the top slicing relief but the fact that they are asking for payments on account for the next tax year when in  fact this is just a one off event. Is this something that can be avoided as the POA they are requesting is large?

Regarding top slicing relief it looks like the problem with the HMRC online self assessment form has been fixed as top slicing relief on my brother's assessment has been calculated correctly.

[Deleted User]

Mothman said:

The problem is not the top slicing relief but the fact that they are asking for payments on account for the next tax year when in  fact this is just a one off event. Is this something that can be avoided as the POA they are requesting is large?

Regarding top slicing relief it looks like the problem with the HMRC online self assessment form has been fixed as top slicing relief on my brother's assessment has been calculated correctly.

There is no issue then - just reduce the payments on account to zero on the online form - just before the submission stage there is a question to that effect. 

If already submitted there is another option on the ‘tax return options’ or you can simply amend the return.

Mothman

herdyoaten2 said:

Mothman said:

The problem is not the top slicing relief but the fact that they are asking for payments on account for the next tax year when in  fact this is just a one off event. Is this something that can be avoided as the POA they are requesting is large?

Regarding top slicing relief it looks like the problem with the HMRC online self assessment form has been fixed as top slicing relief on my brother's assessment has been calculated correctly.

There is no issue then - just reduce the payments on account to zero on the online form - just before the submission stage there is a question to that effect. 

If already submitted there is another option on the ‘tax return options’ or you can simply amend the return.

Thanks for the help, will do as you suggest.