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Help please! How to reduce self assessment payment on account

7 replies

Eve4567 · 01/05/2024 15:18

Hi,

I'll be going on maternity leave from next week - I'm self employed and currently submitting my tax return for 23/24. I'll earn way way less for this next tax year (24 / 25) so would like to reduce my self assessment payments on account. How do i do this? Do i need to submit the tax return and then reduce them or is there a way to request to reduce them before that?

Thank you for any advice!

OP posts:
marzipanlover81 · 01/05/2024 15:20

so…. conceal your true earnings for 23/24 then load 24/25

no, don’t. That’s tax evasion

Jmaho · 01/05/2024 15:24

There is a part to request this on your tax return
It is a box to tick and then a box where you can say why. Just say income for 24/25 will be substantially lower due to maternity leave

Jmaho · 01/05/2024 15:25

@marzipanlover81 I think you misunderstood the question

Eve4567 · 01/05/2024 15:27

@Jmaho Thanks - That's what I thought but I can't seem to find it. Is it towards the end? Thank you

OP posts:
rightoguvnor · 01/05/2024 15:32

Yes, there's a section for you to fill in if you expect your income to drop
It starts off as a yes or no question

ConsistentlyElectrifiedElves · 02/05/2024 16:34

Eve4567 · 01/05/2024 15:27

@Jmaho Thanks - That's what I thought but I can't seem to find it. Is it towards the end? Thank you

Yes, it's right at the end just before you get to the final calculations.

Be careful not to reduce it too much though, as if you end up earning more than expected they can potentially penalise you.

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