Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

If I have to pay payments on account which are based on last years tax, what happens if I dont earn as much this year?

April 26, 2017account based earn happens pay PAYMENTS tax

0

Posted

If I have to pay payments on account which are based on last years tax, what happens if I dont earn as much this year?

1 Answer

0

Posted

If you know that your tax bill will be lower than the previous year, then you can claim to reduce your payments on account. However, if you reduce your payments on account by too much, interest will be payable.