Adjustment to Balancing Payment for 21/22

Chadd123

Hi, first time posting here and filed my first self-employed tax return last month. Does anyone know what an Adjustment to Balancing Payment 21/22 means? HMRC have just sent me a letter adding on over £1000 for this to my original tax bill and I have to pay it by end of Jan. My accountant did my tax return and I'm trying to get hold of him but I can't so I'm panicking a bit. It was already going to be a stretch to pay the full amount and I really won't be able to find another grand by the payment date.

I've googled it but can't see anything about adjustments to balancing payments, just what a balancing payment is. And it's for my 21/22 bill which is my first full year tax return while being self employed.

Thank you!

Dazed_and_C0nfused

All it means is that your Self Assessment liability has been increased by £1,000 so your Balancing Payment needs to be adjusted to reflect this.

Have you compared the original tax calculation with the revised one to see what it is that's actually changed?

Chadd123

Dazed_and_C0nfused said:

All it means is that your Self Assessment liability has been increased by £1,000 so your Balancing Payment needs to be adjusted to reflect this.

Have you compared the original tax calculation with the revised one to see what it is that's actually changed?

No I can't seem to find a way to see my tax calculations online, all I can see is the new amount. How can it just increase after it's all been filed?

Dazed_and_C0nfused

Lots of reasons, HMRC are allowed to revise (correct?) your return if there are obvious errors.

Things like missing off a PAYE employment or an in year tax refund.

[Deleted User]

Dazed_and_C0nfused said:

Lots of reasons, HMRC are allowed to revise (correct?) your return if there are obvious errors.

Things like missing off a PAYE employment or an in year tax refund.

Or, as in my brother in laws case at the weekend, entering £3715 as tax paid on his occupational pension, as opposed to £3751!