terrier24
Joined: 4/27/2024
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Changing from self employed to employed and required payments on account
Hi all, I stopped trading my childminding business in December 2023 after 15 years and started full time employment with an employer in Jan 2024. I notified HMRC of closing my business in December I've just drafted my self assessment return for 2023-24 and it shows I have a tax amount to pay as a balancing payment for 2023-24 which is fine. It the shows that I have a 1st and 2nd payment on account to make in 2025. I assume that: 1) As I will be in full time employment throughout the next year and will be paying tax PAYE I can pay HMRC the balancing payment and then opt of of self assessment thus removing the need for the 2 payments on account otherwise I will be paying twice? 2) Assuming I am right do I assume I can pay my tax bill online in time before the 1st payment on account is due and then contact HMRC to opt out? 3) Any idea how much notice HMRC need to complete opting out? Sorry for what may be a simple query but I want to get this right and not pay twice either! Thanks in advance