Do I have to pay the amount of tax requested by the tax office for the next financial year?

[happyhippydad]

Hello all,

Last financial year I earn't considerably less than expected, however the amount of income tax that will be payable for that financial year has already been determined during the previous financial year (and also half paid, the remainder gets paid in July I think).

My question is, do I still have to pay the amount required in July and just wait until I have completed this years tax return to get the refund, or can I get it readjusted now and therefore would not owe anything in July?

Many thanks.

 

[Scalloway]

You can ask HMRC to reduce the payment due. Either login to your online HMRC account or fill in this form and post it to them.

https://public-online.hmrc.gov.uk/l...ations/SA_iForms/1.0/SA303&template=SA303.xdp

 

[UK Contractor Accountant]

Why don't you just get your 2017 Tax Return filed before 31 July and adjust the payment due accordingly.

 

[TheCyclingProgrammer]

You can do either of the above. I agree with UKCA, submit your return now and the payment should be adjusted accordingly.

 

[happyhippydad]

Many thanks everyone for replying.

I'll book a paperwork day and get it done soon.

 

[Jeff FV]

I had a similar problem a few years ago.

My solution - I did my tax return as soon as possible (certainly before the next payment was due - 31st July) and it all sorted itself out automatically i.e. nothing to pay in July etc., so the system does work!

(And, as an added bonus, I spent the following Christmas period with an extra smug grin on my face as I knew I had done my tax return months previously and wouldn't be joining the January rush to fill it in!)

 

[MyAccountantOnline]

@happyhippydad to add to whats been said already you may find it helpful to read this on the HMRC website.

 

[happyhippydad]

Thanks for the last 2 posts, both very helpful. I shall attempt to get the tax return done soon so i too can have a smug grin on my face