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HMRC payments on account?

1 reply

showslope · 11/05/2023 17:00

I submitted my 2022-23 tax return this April. I’m now moving onto PAYE work, which means reducing my payments on account and deregistering from self assessment.

What does this mean for payments on account? Would I pay the first payment in January 2024, then submit my tax return in April (which I prefer to do), then pay the final payment in July? Or would I pay the July payment when I submit my tax return?

Thanks!

OP posts:
whirlyhead · 11/05/2023 17:05

I’ve just moved to PAYE (no point in paying myself via dividends anymore as the tax is the same). My accountant did my tax return and advised of the actual amount to pay in July so it was revised down to allow for going to PAYE. You should in July just need to pay any tax owed from the last tax year so not need to pay any on account.

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