Quick post on here while I wait for my accountant to get back to me.
I've just paid my tax bill for 2014/15, which had some higher rate tax on a large dividend we took early last year. My total income will be significantly lower for 2015/16 - there is still some higher rate tax to pay but its less than half of the 14/15 amount.
Having calculated my actual tax for 15/16 I submitted a claim to reduce my payments on account to half of this amount and paid the first payment on account (as well as the 14/15 tax). Now I've realised I forgot to account for the child benefit higher tax charge, which will be £844, meaning my payment on account is £422 short.
Obviously I still have time to make another payment of £422, but do I need to submit another SA303 claim to reduce payments on account with the amended figure or will just making the payment be enough to ensure I don't get charged interest?
I've just paid my tax bill for 2014/15, which had some higher rate tax on a large dividend we took early last year. My total income will be significantly lower for 2015/16 - there is still some higher rate tax to pay but its less than half of the 14/15 amount.
Having calculated my actual tax for 15/16 I submitted a claim to reduce my payments on account to half of this amount and paid the first payment on account (as well as the 14/15 tax). Now I've realised I forgot to account for the child benefit higher tax charge, which will be £844, meaning my payment on account is £422 short.
Obviously I still have time to make another payment of £422, but do I need to submit another SA303 claim to reduce payments on account with the amended figure or will just making the payment be enough to ensure I don't get charged interest?
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