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Post Info TOPIC: Is this payment on account right (self-assessment)
rachel_mclean


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Is this payment on account right (self-assessment)
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I'm getting a bit confused about this payment on account malarky!!

I have a client who's tax bill for this year is say 3,000 due on 31st Jan and also due 31st Jan 1st payment on account say 1,500

Bottom of tax calc says - this amount does not take into account any 2012/13 payments on account you may have already made.

So I look back into previous tax years....2011/12 and there are 3 payments on account made 31st Jan 2012 and 31st July 2012 of say 2,500 each.

Now does that mean that the client needs to pay on the 31st Jan

3,000 (tax 2012/13) PLUS 1,500 (1st payment on account) MINUS 5,000 (2 payments account paid in 2012) 

and then carry on paying payments on account in July of 1,500

Is this right???

Thanks for your help



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Rachel
RobH


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In this scenario Rachel, I would expect a £500 refund and no requirement to pay the first POA in January but they would need to pay£1500 in July 14. Not sure where you get 3 payments on account though?

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Rob
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StuartAnder


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Hi Rachael,

The client should have to pay the balance of the tax he owes for the tax year by the following 31st Jan.. so for FY12/13 if there is a balancing payment to be made this has to be paid to HMRC by 31st jan 2014, and also the 1st payment on account for his FY13/14 Tax bill (which hasn't ended yet)

Check HMRC's website here: www.hmrc.gov.uk/payinghmrc/selfassessment.htm

His second payment on account for FY13/14 is due by 31st July 2014..



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Don Tax


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rachel_mclean wrote:......................

So I look back into previous tax years....2011/12 and there are 3 payments on account made 31st Jan 2012 and 31st July 2012 of say 2,500 each.....................................

Look at the payments made during 2013 - in January and July. These are the ones deducted to arrive at the balancing payments due now.

Kind regards,



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