17th July 2023
Are you due to make a payment on account towards your Income Tax bill by the end of July?
If more than 80% of your income gets taxed through PAYE, this will not apply to you, but many small business owners will be due to make a payment towards their 2022-23 tax bill.
This will have been calculated based on your 2021-22 taxable profit (50% of the relevant tax paid by 31 January 2023 and 50% by 31 July 2023).
If you are aware that 2022-23 was not as good a year as 2021-22, it may be that you can reduce your July payment on account.
We have recently reduced several clients' July payments on account by preparing their tax returns early.
If profits for 2022-23 were down, although you would receive a refund once your tax return is submitted, why have money sat with HMRC, especially with current interest rates?
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