Self-assessment payments on account
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