Like many contractors, I’m finishing my contract in February, closing my LTD company and (most likely) working through an umbrella from April 2020.
I am scheduled to make a payment on account by the end of January for the next tax year. However, if I’m closing my LTD company, does this payment still need to be made? Particularly if I’m going to be taxed at source in future employment?
My accountant advised me to call HMRC and state my situation. This should negate the need to make the payment. I’m curious what others are planning to do.
Thanks.
I am scheduled to make a payment on account by the end of January for the next tax year. However, if I’m closing my LTD company, does this payment still need to be made? Particularly if I’m going to be taxed at source in future employment?
My accountant advised me to call HMRC and state my situation. This should negate the need to make the payment. I’m curious what others are planning to do.
Thanks.
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