ARGHH why did I wait until today to do my Tax Return?!

[WonderingStar]

I always self-assess online, usually fairly straightforward if time-consuming.

But they want to take a massive amount for payments on account for 2010-11 and my circs have changed dramatically since last year.

All I want to do is ask if I pay now how quickly I will get it back if I fill in the form. OR can they amend now before I submit.

But of course every other bugger is ringing them - I keep pressing for different options, holding and then the cheery recorded voice lady says "we're very busy. you idiot sorry we can't help. like we give a shit byeeee!" and cuts me off.

anyone know the answer to the payment on account question btw?!

I had a form through from HMRC on claim to reduce payments on account and just had a look

You need to login to the HMRC site, go to customer services, then under 'request us', select " Reduce your payments on account'
You have to do that today according to the form
Payment on account I am not sure but it does say if you overpay they will credit you with interest but not how long it will take.

Having had recent dealings with HMRC it did take them 5 months to respond to a letter !

Not sure if I am answering your questions but best I can do

thansk highriggs - tried the online option yesterday (30 Jan) but it said "you must do this by 31 Jan, sorry"

anyway 26 mins holding on the phone and have some sort of answer - ie calculate my own payment on account and pay that, take the risk of being charged interest if I got it wrong. phew.

Yes that's right, pay them the reduced amount you have calculated (half of your estimated non-PAYE liability for 2010/11) - but make sure you submit the form to 'request' the reduced payment on account otherwise they will chase you for the difference.

You won't be able to get a payment to them today so you will be charged a tiny amount of interest anyway.

Well at least you didn't do what I did, which is log on last week thinking I could do it straight away. Little did I know that I'd have to wait seven days for a code or whatever it's called, now it's going to be late. Silly me, fancy thinking that I could do it online in the same day.

I tried to do mine last night, checked the form and it should have been in by 31st October! They cancel the fine if you've earned shit all I hope.

Paper by 31st Oct, online by today.

I don't think they let you off the fine. I've been I'll ever since the beginning of January, but there's no pint trying to get out ofmthe fine as they'll say (quite rightly) that I had months tom do it in.

I know now. I checked the form last night.

HMRC usually operate a concession whereby if you have paid any tax that is due by the due date and your return is not unreasonably late the penalty is waived.

I hope so Mranchovy as they will owe me as I've paid some on account, but didn't make a profit.

You can reduce your payments on account at any time (at least I do this for my clients regularly so can't imagine why you can't if you deal with your own SATR).

I do this online so am pretty sure you should be able too (not sure if it's different for an agent compared to an individual, I just pick the box that says 'reduce payments on account'.) If you can't then just send the form back and they will reduce them for you.
Form available here
www.hmrc.gov.uk/selfemployed/fagsa303.shtml

In the mean time pay the balancing payment and the amount you think your Payment on Account should be.
If you owe tax at the end of the year you will be charged interest on the amount up to the originally calculated POA (but it's not a huge amount, certainly compared to borrowing money you don't need to if you haven't got it to hand. The interest you receive back on overpaid balance is negligable at present).

So you must send the form back to reduce the payment though as you could get surcharges on any underpaid tax in a few weeks time if you haven't paid what you owe along with requests for interest throughout the year and more surcharges etc if you leave it unpaid. It will all get sorted when your next SATR is sent in, but in the mean time they'll chase you for the POAs and rack up the interest.

thanks gillybean - the option to reduce POA did come up - it's after you press submit. so I was able to do it online after all.

I do like being able to do SA online but often wonder who put the thing together, its system isn't always consistent. Oh and that question about foreign investments ... "Were you unable to bring back some or all of your foreign investment to the UK" - options "yes"; "no" - so that's "yes I was unable, or no, I was unable..."

(note to self, don't leave sending the sa303 form back until 31 Jan 2012)

those of you relying on the concession where the fine is waived if you pay the tax on time then note this won't be the case next year, you will still be fined even if you pay the tax. This will also apply if you file a paper return after 31 Oct.