London, UK (09/07/09) – Most taxpayers who complete a self assessment tax return (SA100) will know that they need to make payments on account (POA’s). The next POA for the 2008/2009 tax year is due by 31 July 2009. However taxpayers can make a claim to reduce these payments.
Nick Tagg, Director of Taxation Services at Wisteria Chartered Accountants explains, “taxpayers should consider reviewing their tax position now. The economic downturn and fall in interest rates means that the income of many individuals has dropped substantially compared to 2007/2008. As a result, taxpayers should review their tax position to see whether they could make a claim to reduce these payments.”
A claim can be made relatively easily, however care does need to be taken. An excessive reduction could lead to an interest charge once the final tax liability is calculated. If in any doubt, a taxpayer should take professional tax advice from a Chartered Tax Adviser or Chartered Accountant.
Reviewing payments on account should be part of a regular exercise for all individuals who complete a self assessment tax return. In additional, taking tax advice at the right time can generate significant tax savings, for the current tax year or in the future. Such advice, whilst appearing costly initially, will often pay for itself may times over in the longer term.
For more information in relation to Wisteria’s self assessment tax return service or the professional tax advice they provide, please visit http://www.wisteria.co.uk/?
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Press Contact & Further Info:
Nick Tagg
Cavendish House, 369 Burnt Oak Broadway, Edgware, Middlesex HA8 5AW, UK
Tel: +44(0) 20 8952 0140
Fax: +44(0) 20 8952 0150
Email: info@wisteria.co.uk
Web: http://www.wisteria.co.uk
