Tax return
Esme
Registered Posts: 711 Epic contributor 🐘
I'm completing a tax return for a friend for 2010-2011.
As I haven't studied tax for a while can I just check that for 31st Jan they will need to pay the balancing figure for last year's tax (final payment 2010-2011) plus half of the tax due last year (first payment 2011-2012)
As I haven't studied tax for a while can I just check that for 31st Jan they will need to pay the balancing figure for last year's tax (final payment 2010-2011) plus half of the tax due last year (first payment 2011-2012)
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Comments
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Yes I think that's right. It's normally balancing payment due at 31 Jan and the on account is half of the actual tax liability for 2011 paid in the 31 Jan payment plus the same on account on 31 July. I think there are only on account payments though if the actual tax liability for the year is more than £1,000.0
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Thank you.0
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Unless you have reason to believe that the tax due will be less, then you can ask for it to be reduced.0
