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Posted Sun, 14 Jul 2024 13:07:38 GMT by RossD79
My second payment on account is due shortly but I have no tax to pay for this year. Do I still have to make my second payment? Last year I had a good year income wise as I was closing my business and sold everything without buying any new stock. Almost everything I made was profit and I ended up paying a chunk of tax and making a payment on account for this year. The financial year just gone I made almost nothing and have just completed my tax return, I have already overpaid the tax due with my first payment on account. My second payment on account is due shortly. Do I still need to make the second payment if I owe no tax for this year and am due a refund for what I have already paid? I don't want to end up being fined for non payment.
Posted Wed, 17 Jul 2024 09:47:31 GMT by HMRC Admin 20 Response
Hi,
If you are sure that you have already paid all tax owed with your 1st Payment on Account, you can amend your 2nd Payment on Account to reflect this.
You can apply to do this here - Claim to reduce payments on account- or by contact us via Self Assessment: general enquiries
Thank you.

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