Call for Assistance: 02033 259 341
Spondoo Accounting
Call for Assistance: 02033 259 341
Spondoo Accounting

ANNUAL ACCOUNTING SCHEME - MY INTERIM PAYMENTS ARE TOO HIGH! HOW DO I REDUCE THEM?

November 28, 2022
If you feel your interim payments to HMRC under the Annual Accounting Scheme are incorrect, you can request these to be re-assessed by HMRC by writing to the address below:

BT VAT

HM Revenue and Customs

BX9 1WR

We have provided some suggested wording below:
Dear Sir/Madame
I am writing to you in regard to the business below and it’s registration under the Annual Accounting Scheme:
Business Name – xxxxxxx
VAT Number – xxxxxxx
Register Address – xxxxxxx
 
Our taxable turnover has reduced so the current interim payments to HMRC are overstated. Please can you reassess these payments based on revised revenue below:
 
New Estimated Taxable Turnover for the next 12 months – xxxxxxx
 
Your faithfully
 
xxxTax Payer Name xxxx
xxxTax Payer Postion in Business xxxx
 
Note – your interim payments to HMRC cannot be reduced by less than 10%.
Alternatively, you can write to HMRC at the address below to ask if you can leave the VAT Annual Accounting Scheme to join another scheme:

BT VAT

HM Revenue and Customs

BX9 1WR

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Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.
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