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Posted Wed, 28 Jun 2023 11:12:47 GMT by
I’ve been submitting self assessment returns since 2014, making payments on account each year. I paid 2500 in January and the same amount is due in July. However I’m retiring this week and will be living off my pensions until my state pension is due. This means my tax liability will be a lot less. I calculate my tax due for the year 2023/24 will be £3600, £2100 will have been paid via PAYE . My question is do I pay the second payment on account ? If my calculations are correct I will have already overpaid tax by £1000. I have applied to reduce payments on account for next tax year but can I reduce payment due in July?
Posted Mon, 03 Jul 2023 16:05:57 GMT by HMRC Admin 10 Response
Hi
If you have submitted the tax return for 22/23, it will have already calculated your total tax due.
If you have already covered the total bill from your first payment on account you won't have anything to pay.
Thankyou.

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