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Meadowlands


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reduce payments on account
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Got a Sub contractor who is now working under CIS deduction.  Is there any reason not to reduce his POA?  He is due a refund for last year but is also being asked to make POAs - all the work so far in the current year has had deductions.

I know if he reduces them too far he can be made to pay interest but he will probably get a refund next year as well.

Any advice?

TIA

Alison



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Alison - Simply Balanced Solutions
Cheshire


Master Book-keeper

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Hi
Have you submitted the return? You can request reduction of payments on account. Once the return is submitted it will probably prompt a letter to him with a form to complete to reduce, but it's worth pre-empting and doing the request now rather than being relying on HMRC doing their jobs!

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

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Hi Alison

I agree with Joanne, and I can see absolutely no reason not to reduce POA.  Take into account class 4 NI if 2015/16 is likely to be over 30k profit.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Meadowlands


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thanks both - will check what this year looks like and reduce accordingly

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Alison - Simply Balanced Solutions
Cheshire


Master Book-keeper

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Hi Alison
I didn't have time for this last night, but found the form number......see the link www.gov.uk/government/publications/self-assessment-claim-to-reduce-payments-on-account-sa303

You can also go in online.....it's in the self assessment bit there is an option button to 'reduce payments on account'

Hth



-- Edited by Cheshire on Friday 22nd of January 2016 08:22:56 AM

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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