Balancing Payment

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    Balancing Payment

    Evening all,

    Whilst I completed my most recent tax return Im was due to make a balancing payment.

    Once this is paid what section of my next tax return do I input this balancing payment to ensure I’m not paying twice

    Thanks

    #2
    You don't. A balancing payment is the excess of what you owe after the tax you have already paid, and should bring our tax due to zero.

    Even if you have to make a payment on account, that is only considered after your tax due is calculated.

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      #3
      Sorry I should of said I paid my 2017/18 tax bill and was asked to pay the first payment on account for 2018/19. The first payment will be due by the 31st July 2019.

      I believe this payment goes towards my future tax due. Once paid I was wondering where this figure should be input on my 2018/19 return

      Thanks

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        #4
        You don't put it anywhere. Once HMRC has calculated your tax due for 2018/19 they will send you a bill which will detail what you have already paid (payments on account) and your new balancing payments. It will also detail your new payments on account for next year.

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          #5
          If you use any decent tax software it will remember it for you and take into account on your next tax return. If you have payments on account they do go into your next return.

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            #6
            Thanks all. I tend to use exel and import figures into my return

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