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Posted Sat, 19 Oct 2024 19:20:13 GMT by Sophie Paterson
My income for the 2023/24 took a bit of a dive, so apparently I am now owed a sum that is (as far as I can gather) my two payments on account paid earlier this year and a small overpayment. My question is: What happens to payments on account for 2024/25? Does HMRC assume I will earn a similarly low amount and thus forgo the advance payments for now, so that I pay the full balance next year? As if I was starting out from year 0? There was nothing on the calculation/statement that suggested I needed to pay anything, but I thought I'd better confirm. Many thanks. :)
Posted Wed, 23 Oct 2024 22:10:02 GMT by HMRC Admin 18 Response
Hi,

If your 23/24 tax amount owed is less than £1000, your 24/25 payments on account will be calculated as £0.00, and any tax owed from 24/25 will be paid when you file your 24/25 return. If

the tax you owe for 24/25 is over £1000, payments on account will be calculated for 25/26, and so on.

Understand your Self Assessment tax bill

Thank you.

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