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Reducing payments on account

If you foresee a significant reduction in income or profits, then you can request for the payments on account to be reduced to a more appropriate figure. You must be very careful when reducing any payments on account because if they are reduced too much and the tax due exceeds the amount of payments on account then interest will be charged on the underpayment.

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The content and advice is for information only. Last updated 26.07.2009.

For up to date information and advice, based on your specific circumstances, please contact us.

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