Payments on Account

Payments on Account

Didn't find your answer?

Hopefully a quick and easy one. I have had a couple of clients bring their books to me nice and early and as such I have been able to calculate their tax liability for 2012-13 before the second payment on account is due (31/07/2013). In both cases, if the clients were to pay the full July payment on account calculated from last year's return they will overpay their tax and be due a rebate.

If I file their tax return before the end of July, will the payment due by 31/07/2013 be adjusted to reflect the lower amount due or will they still need to pay the second installment calculated from their 2011-12 return? Should I file the return and request to reduce their payments on account for 2012-13 as well just to be sure?

Many thanks in advance for any responses!

SD

Replies (2)

Please login or register to join the discussion.

Universe
By SteveOH
09th Jul 2013 23:15

The payments on account will be adjusted

Both the January and July 2013 payments on account will be adjusted to actual figures once the 2013 Return has been processed. Get your client to pay the figure that you have calculated per the Return and avoid having to apply for a repayment. Don't forget that your client will already have overpaid the January payment on account.

Thanks (1)
By Sarah Offord
10th Jul 2013 10:57

Wonderful!

Thank you!

Thanks (0)