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24th Jun 2024
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Self-assessment payments on account

by The Editor at 13:20 09/09/06 (News from Partners)
Self-assessment payments on account were payable on the January 31 and July 31 2006. This covers an individuals' estimated income tax and Class 4 national insurance liabilities for the tax year 2005-2006. But what if you have had a difficult trading year for 2005-2006, and your earnings dropped in this period?
The payment due on the July 31 2006 was the second payment on account for the year 2005-2006, and was based on your taxable income and profits for the previous year to 2004-2005.

Consequently if you suffered a drop in income, the payments on account may be set too high - so what can be done? The remedy is to make a formal application to have the instalments reduced. A drop in earnings/profits will generally reduce your available cash funds.

If you are faced with cash flow difficulties in making your tax payment it may indicate that the instalment is excessive, and an application to have the payments on account reduced, appropriate.

If you have any concerns in your case, please call JSA for further advice.

Article provided by JSA Group
The Editor

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