Refund of payments on account

[vikki1975]

Hi,

Just looking for some advice regarding the payments on account I have just made and on 31st Jan 2011.

I went LTD company on 1st August 2010, my sole trader accounts ran from 31st march-31st march. My accountant therefore made up my accounts on the 2009-2010 to include the 4 extra months as a sole trader. My ltd company accounts for this coming year will be from the August 2010 to March 2011.

I paid the tax due on 31st Jan 2011 and also had to make a payment on account of £1755 plus another of the same amount on 31st July. My accountant applied for a reduction of 50% which was given so the payments I made were at the reduced rate.

As I am now a ltd company and paying myself a wage of £135 per week on the payroll and taking the rest in dividends have to pay any personal tax for the 2010-2011 tax year and if not will the payments I have had to make on account be refunded.

Any help greatly appreciated !!

 

[elaine@cheapaccounting]

Easiest thing - file your self assessment for 2010 - 2011 asap - this will show the refund which you can then request be paid into your bank account.

Your accountant will be best to sort & advise on this

 

[vikki1975]

Thanks Elaine, I have had a meeting with my accountant this morning as my Ltd company accounts are near enough complete. We have discussed how the company will pay the tax that will be due in December?? and he has said I will now no longer have any personal tax due on my self assesment but I have just been pondering over the 2 payments on account that Ive made in Jan and July this year.

Its going to niggle me now until I get to ask him if this will be refunded and I am unable to contact him until Friday.