Hi,
I am a self employed person. I am filing my self assessment and paying the tax by 31 January. I calculated the final figure for the tax year 2010/11, and still not sure of how to do the adjustment with payment on accounts. I would really appreciate if any one explain of how the payment on account to be adjusted and please explain this process in full.
Thanks
jo
Paying tax in installment.
2 posts • Page 1 of 1
Paying tax in installment.
by jeno on Mon Jan 16, 2012 2:06 pm
- jeno
- Posts: 1
- Joined: Mon Jan 16, 2012 1:59 pm
Re: Paying tax in installment.
by King_Maker on Mon Jan 16, 2012 2:44 pm
The 1st Payment On Account (POA) for 2011-12 is normally 50% of the total tax due for 2010-11.
If you consider that it is too high - e.g. due to declining profits, more Capital Allowances, you can apply to reduce the POAs for 2011-12. Be careful about interest & penalties for negligent applications.
If you consider that it is too high - e.g. due to declining profits, more Capital Allowances, you can apply to reduce the POAs for 2011-12. Be careful about interest & penalties for negligent applications.
- King_Maker
- Posts: 4934
- Joined: Wed Aug 06, 2008 3:22 pm
2 posts • Page 1 of 1
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