In message , AP writes
AFAIR I did this one year and my accountant said it would be corrected without penalty or interest when the accounts were submitted.
Check the situation with your accountant, or there may be a revenue web page with the definitive answer.
I applied to reduce my payments on account for 2003/04, earlier in the year, in the belief that my self employed trading profits would have reduced following the sale of part of my business. A draft set of accounts for the year to 31 July 2003, indicate that they may not have fallen by as much as originally estimated and that I may have reduced my payments on account by too much.
What action should I take in this situation to minimise interest and avoid penalties?
thanks, AP
Notify the IR and pay the relevant amount asap to minimise interest. Penalty is unlikely, unless the difference is so large that negligence/fraud might be involved.
Thanks for the prompt replies.
What sort of difference would be defined as large?
thanks, AP
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