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Tax and paying
I have had until I submit my 2016/17 tax return a rough estimate I assume based from last years earnings of how much I have to pay HMRC this January and July.
My childminding income has reduce significantly and although I am able to give them the £1000 for tax due for January, I am not making enough now to even cover putting away £200 a mth to cover July
Has anyone ever been in this situation
Should I call HMRC to explain this?
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Originally Posted by
Kittycat
I have had until I submit my 2016/17 tax return a rough estimate I assume based from last years earnings of how much I have to pay HMRC this January and July.
My childminding income has reduce significantly and although I am able to give them the £1000 for tax due for January, I am not making enough now to even cover putting away £200 a mth to cover July
Has anyone ever been in this situation
Should I call HMRC to explain this?
Yes definitely speak to them, there is a section on the return that you can apply to have the payment on account set aside and one of the reasons is a reduction in income. Last January I managed to make the payment on account for January but was struggling to put money away for July so I submitted in April and because my earnings were less I didn't have to make that payment on account and I only have £13 to pay by the end of January xx
It is a 'Payment on Account' for the tax for next year which comes into affect if you owe more than £1000 tax and NI in a tax year - the two payments are each half of the tax and NI paid for the year submitted. x
Last edited by tulip0803; 05-12-2016 at 11:59 AM.
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