Dorota Barton
Joined: 11/21/2024
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Payments on account based on transitional period
Hello, due to the additional profits being included in the 2023-24 tax return (14 months instead of the usual 12) the payments on account due for 2024-25 are based on the liability inflated by those extra profits. We decided not to spread the liability over the 5 years but to the total amount due by 31 January 2025. Is it okay to reduce the payments on account for the 2025 tax year, by the amount attributable to those additional profits, without rising interest charges next year in case the profits for 2025 increase for the year anyway?