So you have done your tax return (SA100), you had a brilliant year but the bad news is that your payments on account for next year 2012-13 are based on 2011-12 and next year things don’t look as good.
Why not reduce your payments on account using http://www.hmrc.gov.uk/sa/forms/sa303.pdf
You can also change your payments on account using HMRC online but its currently set to 2011-12 not 2012-13, the screen asks for:
 This allows you to claim to reduce the payments on account you have been asked to make for tax year ending 05 Apr 2012.
e.g. 100.00
- Please select an option below
- My business profits are down/my business has ceased.
- Other income has gone down.
- Tax allowances and reliefs have gone up.
- Tax deducted at source is more than previous year.
Budget Payment Plans are only available to Self Assessment customers who are up to date with their payments and who pay by online Direct Debit.
When you set up your Direct Debit you must make sure you select the Budget Payment Plan option.
With a Budget Payment Plan you make regular payments towards the amount you should pay by 31 January/31 July. The plan is flexible and allows you to:
- decide the amount you want to pay each week or month
- change the regular payment amount
- stop making payments for a period of up to six months
- cancel payments at any time.
http://www.hmrc.gov.uk/payinghmrc/dd-intro/ndds.htm#6a
There are other ways to pay too, follow these links
- Self Assessment payment deadlines
- Paying through your tax code
- Paying by Budget Payment Plan
- Paying by Direct Debit
- Paying by debit or credit card over the internet: BillPay
- Paying by internet/telephone banking, Faster Payments or CHAPS
- Paying by Bank Giro
- Paying at the Post Office
- Paying by post
- Paying from an overseas bank account
- Receipt requests
- What to do if you don’t have a payslip
steve@bicknells.net
