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Posted Wed, 10 May 2023 11:05:41 GMT by James
I am a sole trader and have some payments on account due Jan 24 and Jul 24 for earnings in 22-23 tax year. I am planning to move my company from sole trader to limited company. Will this mean I still have to make those payments on account, or will I be able to fill in another self assessment for the period from the start of the current tax year to the date I make the switch, and effectively settle everything for the sole trader business based on actual earnings?
Posted Tue, 16 May 2023 13:18:32 GMT by HMRC Admin 5
Hi,

It depends on when you actually make the switch and if tax will be deducted from your income at the limited company. 

you can find guidance here - Understand your Self Assessment tax bill

Thank you

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