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whatwhat | 08:35 Sat 25th Jan 2014 | Business & Finance
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Hi, I have submitted my tax return earlier in the year, but am about to pay it on Monday (4 days to spare!!) my tax bill incorporated payments on account for the coming year. When I first submitted my return, my bill was £1300 less than it is now. Iv looked at the broken down amount and I have to pay my last years tax, and £1300 for next year, due by 31st jan... And another £1300 due by July.. But they have added this amount to my. ' payment due' can I just pay the two amounts that are due by the end of this month, and pay the next instalment by July.. (Which Is what I would assume, but unsure why it comes up as a total under payment due)
Sorry this is rambling, It's just I have only budgeted for the £4000 I thought it was going to be!!
Thank you for your help!
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Without seeing your accounts or the HMRC demands I don't think anyone could give you definite advice. On the face of it, if you have an instalment which you are told to pay by July, you have until then to pay it. It is quite normal for instalments to be paid twice a year in this way. However, to cover yourself you must ring the HMRC self-employment line tomorrow & check.
when I was paying large balancing amounts before I retired
It was basically 150% of the excess tax to be paid 31 Jan

that is the balancing amount and half again on account with the other half July 31st This complied with the current y accounting method

I am aware that I got tax badly wrong on this thread before .....
This looks complicated - ring them up and ask them!

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