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Payment on account for January
For the first year ever I've earnt enough to have to pay on account. But I've always done my tax return in January. It's now asking for the payment for 2013-2014 plus first half of an estimated amount for 2014-2015, they then want to the rest by the end of July 2015. I know for a fact that I won't earn that much again as 2013-2014 was a good year and things have been quiet since then. Does it mean that in Jan 2016 I'll get a big refund?
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There is a section in the tax return that asks if you want to reduce your payments on account because you expect figures to be lower.
If you pay in Jan 15 and then get your tax return in before the end of April the July figure will be recalculated and if you are correct they won't take July's money and I would expect a refund for any overpayment
Debbie
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