Blonde Day - Tax is Taxing!!!!!!

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claudialowe
claudialowe Registered Posts: 275 Dedicated contributor 🦉
Please help me guys - brain is not in gear today.

I have just finished a client's tax return, and profits are down (won't be the first!)

Consequently I want to reduce this July's POA (ie 2nd POA for 2007-2008).

And I can't work out how to do it....... :blushing::blushing::blushing:

The SA303 talks about each POA - will it automatically filter through on HMRC website once the return has been submitted?

I know this is der and basic stuff, and I have done it before, but I can't remember :ohmy:

Any help much appreciated.

Claudia

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  • groundy
    groundy Registered Posts: 495 Dedicated contributor 🦉
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    You dont just alter 1 POA, you need to calculate what both POA's should be reduced by therefore giving an overpayment at Jan to carry forward against the expected payment in Jul.
  • claudialowe
    claudialowe Registered Posts: 275 Dedicated contributor 🦉
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    Groundy - thank you so very much - I can see clearly now - or maybe the vodka has helped :lol::lol::lol::lol:

    Claudia
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Remember if you reduce it too much and profits are up the following year (and thus the POA's are lower than they should have been) then they can charge interest etc on the excess

    :)
  • claudialowe
    claudialowe Registered Posts: 275 Dedicated contributor 🦉
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    Hi Faerie

    It was just a straightforward overpayment for July 2nd POA - and I couldn't get my brain round it!

    Claudia
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