Sophie Paterson
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Self-assessment - payments on account (tax bill under the £1,000 threshold)
My income for the 2023/24 took a bit of a dive, so apparently I am now owed a sum that is (as far as I can gather) my two payments on account paid earlier this year and a small overpayment. My question is: What happens to payments on account for 2024/25? Does HMRC assume I will earn a similarly low amount and thus forgo the advance payments for now, so that I pay the full balance next year? As if I was starting out from year 0? There was nothing on the calculation/statement that suggested I needed to pay anything, but I thought I'd better confirm. Many thanks. :)