Payments on account

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Poodle
Poodle Registered Posts: 711 Epic contributor 🐘
in General accounting discussion
Hi

I knew that the payments on account was to change from the £500 limit to £1,000 next April but I did not realise that this would affect payments on account 31/01/09 and 31/07/09.

or am I wrong?

Poodle

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  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Poodle I didn't think it came into effect for the PoAs next year.
    Happy to stand corrected though!
  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
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    Well thats what I thought as well but, I have got 2 clients now where SA came out to £600 and £750 for 07/08 and neither are showing a POA in January 2009. One I took over from another accountant who sumitted the return using HMR&C software and I have a print out of the return made and that calculated the 50% being due but it is not showing on my agent page ,others where the liability is >£1K are showing a POA.

    I will contact HMR&C on Monday to investigate unless some one on here can confirm if the £1 limit affects Jan 09.

    Poodle
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Thanks Poodle, I'd be interested to hear the answer :)
  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
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    Hi

    The increase in the POA limit takes effect April 2009 and since the January 2009 POA relates to that tax year HMR&C have changed all PAO that had been triggered by the early submission of a 2008 tax return with a 2008 liability of between £500-£1000 to 'nil'.

    Therefore only the balancing payment for 2008 will due due in January

    Poodle

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