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  • RE: Child benefit tax owed

    Ok, after a bit more digging and trying to understand the tax system I now know that the two payments on account are the amount of tax hmrc believe I will owe next year so they are charging me in advance, my issue now is that I believe the way things are looking ,next year 22/23 I won't owe any tax and will actually be owed a refund, so I am looking to reduce payments on account and set this to zero, my question is should I do this before I submit my tax return for 21/22 or should it be done after as I cannot afford to be paying £3748 up front even if it will be refunded eventually, as it is going to be a struggle to pay the £3906 owed for 21/22 let alone the extra, Thanks for any help
  • Child benefit tax owed

    Hi, i am a self employed construction worker who has tax deducted weekly by contractor through cis, on my self assessment form my total tax due was £2792 on a self employed profit of £56172, (£43602 after deducting personal allowance) before submitting I double checked everything and realised I never ticked the child benefit over 50,000, so upon amending this it shows I have a higher income child benefit tax charge of £1114. And now it's saying tax due is by 31st of Jan is £5780?? It says 21-22 £3906 balancing payment 1st payment on account for 22-23 due 31 Jan23 £1874.01 Total due by 31st jan 23 £5780 But above this it says Note: 2nd payment of £1,874.01 due 31 July 2023?? I understand the charge of £1114 for the child benefit charge, but why would my tax bill jump from £2792 to £5780 instead of just £3906, and what is the extra 2nd payment of £1874 about? Thanks for any help