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Posted Thu, 01 Feb 2024 18:11:04 GMT by
Hey everyone, In the last 3 years, I've made very little due to the loss of clients, but in 2020/2021 I was a fairly high earner and paid quite a lot of tax and payment on accounts. After completing my 2022-2023 tax return I'm credit a few thousand pounds and I'm wondering if this of because I made so little compared to the previous years (a little over the personal tax allowance! ) it also states that I can leave the money on account or apply for a refund. The money will be handy to have while I'm recovering from the loss of business but could be handy to offset it for 2024 thanks for any help!
Posted Tue, 06 Feb 2024 10:51:24 GMT by HMRC Admin 5

It's possible that, as a result of your earnings being lower than predicted, you have overpaid on your Payement on Account payments, leaving your record in credit.
To confirm this, and discuss what you would like to do with this credit, contact us by webchat or phone via Self Assessment: general enquiries

Thank you

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