bigdavesellers Sellers

Having submitted self-assessment for 2023-24, a payment on account for tax year 2024-25 of approx £1,000 is now due by Jan 31st 2025, and again around July 2025, totalling approx £2,000 payment on account for 2024-25 tax year. Now though, self-employment ends at the end of this month (Aug 2024) and from September onward earnings will be much reduced as an apprentice on PAYE for the remaining 7 months of the tax year 2024-25. Cash flow will be essential for living. I estimate that the actual tax due for self-employment plus PAYE employment for 2024-25 will be less than £1,300 whereas payments on account would total approx £2,000 thus potentially affecting cash flow dramatically. The follwoing are 4 parts of the same question... 1. upon transitioning to PAYE, the fear is that an emergency tax code may be used IN ADDITION TO the burden of forthcoming payments on account, How can payments on account be reduced PRIOR to 31st Jan 2025 in order to maintain cash flow this year? 2. can the payments on account be cancelled in favour of using PAYE or ... 3. can the PAYE deductions be reduced in light of the payments on account? 4. how would one approach both the payments on account and the emergency tax code issue via HMRC and a new employer?