The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> tax return payment on account
Post Info TOPIC: tax return payment on account
lor


Guru

Status: Offline
Posts: 941
Date:
tax return payment on account
Permalink  

Hi All,

I have a query from a client and wondered what your thoughts are on the matter..

She is self employed and has told me that she will be moving to employment only beginning of may 2010, therefore only 1 month worked self employed in the 10/11  taxyear.

She has a tax liability for over £1600 for the 09/10 tax year, therefore has a payment on account to pay also by 31st jan 2011.

It doesn't seem worth the client paying the poa, would you suggest perhaps putting just one months worth of tax, as an estimation through, not sure what is best to suggest here....no

Is it possible to zero down the poa, and also if this was done what would the interest rate be on the tax that was owed.

Hope this makes sense, she is suggesting that I zero down her poa, but wants to know the implcations with interest charges etc.


Thank you in advance and very much appreciated as usual!

__________________
RobH


Expert

Status: Offline
Posts: 1963
Date:
Permalink  

Make a claim to reduce poa via sa303, but do not zero it. If her tax bill is £1600 then take a twelfth of this, about £133,. Bearing in mind she will be using her PA for her employed income, all her profit for this month will be taxable (you could actually work this out exactly). On these figures theer will be no class 4 nic either.

Rob

__________________
Rob
www.accounts-solutions.com
lor


Guru

Status: Offline
Posts: 941
Date:
Permalink  

thank you rob, quick reply, sounds like what i was thinking really, 09/10 liability / 12.

Is there a way to do this online?



__________________
lor


Guru

Status: Offline
Posts: 941
Date:
Permalink  

client is happy with this, I think it can be done online I will have a looky likey.

No likey no lighty lol, tv program!

Yes I have gone mad, tired!

-- Edited by lor on Friday 14th of May 2010 04:18:57 PM

__________________
lor


Guru

Status: Offline
Posts: 941
Date:
Permalink  

I don't think it can be done online but I ahve found the correct form, can I just check that the tax return needs to be filed as it is showing the payments on account at about £800 each, then after the return is sent then you send the letter separately is this correct?

What happens then does the reduction of payments on accounts get sent to your client, does it show on line?????

__________________
lor


Guru

Status: Offline
Posts: 941
Date:
Permalink  

do I have to file online as normal with the poa shown higher than what it should be then send the form to change the poa amount later, after sending the tax return online?????

wouldn't want to do this incorrectly and the client is like what the hell have you done! worst case scenario!, never had this experience before, newbie to changing poa amounts!

sorry wasn't sure if my posts above were making sense! long day!

__________________
lor


Guru

Status: Offline
Posts: 941
Date:
Permalink  

all done now, I have worked out how to do it online, lol!

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> tax return payment on account
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About