Can You Reduce Your 31st January Tax Payment?

23rd January 2025

Do you have a 31st January 2025 payment on account liability still to pay? Do you know whether you can reduce your 31st January tax payment?

If you are still due to make your 31^st January 2025 tax liability payment then there are several payment methods you can use, these are all available to see on the HMRC website.

With the January payment deadline quickly approaching it is the perfect time to ensure that you are paying the correct amount of tax for the upcoming tax year, after all nobody wants to pay more tax than they need to.

As we are nearly ten months through the 2024/25 tax year you will have a good idea on what your taxable income and profit have been for the 2024/25 tax year. If you have noticed that your profit has decreased from the previous tax year, then you may be able to reduce the amount of tax you are due to pay by 31^st January 2025.

A SA303 election is a request to HMRC to reduce your payments on account for the upcoming tax year. If your tax and national insurance contribution liability for 2023/24 was over £1,000 then you are likely to be due to make payments on account in January and July 2025.

You can file a SA303 form via paper by downloading the form on the HMRC website (https://www.tax.service.gov.uk/print-and-post/form/SA_iForms/1.0/SA303/sa303.xdp) or you can complete the online form.

To complete a SA303 form you will need to calculate your anticipated earnings for the current tax year including your projected income for January, February and March 2025.

You will then need to enter the information required, HMRC will expect an explanation and justification of the requested adjustment.