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SA303

Form

A form that is usually submitted by the self-employed who want to reduce their payment on account. It can be done by post or through the online self assessment service.

Example:

£30,000 is earned from self-employment for the tax year. By 31st January you pay £5,435 in income tax and national insurance. An advance payment on account of £2,717.50 needs to be paid on next years tax. By July 31st, the following £2,717.50 needs to be paid. Depending on your turnover for the following year, HMRC could refund you if you’ve overpaid the payment on account.

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