Robert Johnson
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RE: Self employed and Employed
Hi, I am self-employed, I have been made aware that the tax rules are changing to ensure the tax year for everybody is April to March; I am currently December to November. To bring me into line my accountant asked for my details for December 23 to March 24 so that my tax can be worked out. This means that 16 months of earnings has been calculated. I have now been told that my payment in advance will increase due to the extra earnings for the 4 months however, I will not earn 16 months worth of earnings in 12 months, in fact due to projected earnings for December 2024 to March 2025, I will probably not earn as much in this tax year as I did in the previous 12 months. I would if possible like to pay off the extra tax for the added 4 months on my 2 payments due to HMRC but not increase my payment in advance as it will be over inflated, is this possible? and if so how do I do this. Thank you in anticipation of your response.