UK sell assessment Tax Payment: do I have to pay on account based on 2005-06...

fiddefura · #1 10-07-2007, 08:35

...tax bill on July 31...? I made almost no money in the tax year 2006-07. Do I still have to pay on account on July 31, the equivalent of half my tax bill for 2005-06? Is there a way around this or do I effectively loan the government this sum until the adjust and pay back in January?

revalsaki · #2 10-07-2007, 10:27

if you get your 06/07 tax return done before then you can apply to change the july installment but otherwise yes. Then, when your tax return is done you can claim a refund back of any overpaid tax.

avocado kisses · #3 10-07-2007, 10:35

You can apply to reduce the payment on account. You can do this before you submit your 2006 /07 tax return, which is handy if you are not ready to complete your return.If you reduce the payments to Â£nil, you will get your January 2007 payment on account refunded. But if it turns out you do owe some tax, you will get charged interest,You need a form SA303, available from the HMRC website as a pdf - here is a link. There are notes attached to say how to complete it. Send it to the office that issues your tax return.http://www.hmrc.gov.uk/sa/forms/sa303.pdf

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