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Interest on tax return

Answer
Black Cat
Posted Mon, 06 Jan 2025 12:11:55 GMT by Black Cat
Hi, I have been given a prediction for what I will pay in tax year 2024-2025 and asked to pay it by July. I anticipate that I will earn more next year and will therefore need to pay more tax than HMRC have predicted as they are going by 2023-2024 tax year. If I only pay what they are asking at this point and don't pay more until I put my self assessment form in for 2024-2025 will I end up paying interest even if I pay on time? And if so why? I want to avoid paying interest. Also what happens if I think I am going to pay less one year than HMRC predicts?
Answer
HMRC Admin 20 Response
Posted Thu, 16 Jan 2025 12:16:43 GMT by HMRC Admin 20 Response
Hi,
Please see guidance here:-  Understand your Self Assessment tax bill  Payments on account
Thank you.

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