Farley And Partners

Reducing your payments on account

Payments on account are normally equal to 50% of the previous year’s net liability. A claim can be made to reduce your payments on account, if you expect your tax liability to fall from one year to another, although interest will be charged if your actual liability is higher than you expected.

Please do not wait until it’s too late – keep us informed of any factors which might change your tax liability. We can only suggest business solutions if you tell us in good time about issues facing your business.

There is also a system of interest and surcharges to encourage prompt payment.

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