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What is an SA303 Form?

The SA303 form is a document that you can fill in and send to HMRC if you are self-employed and wish to reduce your account advance. You can also use the online self-assessment service if you don't feel like printing it and mailing it.


Self-employed workers use the SA303 form to request the reduction of self-assessed advances. The application can be submitted online or the form can be sent to HMRC by post.


SA303 Form
SA303 Form


Example

● you earned £30,000 in the fiscal year 2020/21, all self-employed

● this is your first tax return

● before 31 January 2022 you must pay £5,435 in income tax and national insurance

● you also have to pay a 50% for next year's taxes - that's £2,717.50. This is called a bill payment

● before 31st July 2022 you must pay the remaining 50% - a further £2,717.50. This is called a balance payment

● just say you know you're making less this year: just £20,000. You can ask HMRC to reduce your bill payment through SA303

● however, there is no need to submit SA303 - HMRC will refund you automatically if you overpaid through the bill payment.


What Should I Put on My SA303?

You have to estimate what should be done in advance. Use your business accounts to find out as accurately as possible so that you don't receive interest on any underpayments. HMRC also seeks an explanation as to why advances should be reduced. This could be due to:


● Corporate profits or other revenues have decreased

● There has been an increase in tax deductions and tax cuts

● Another reason (in which case they will ask you for more information).


When Should I Fill SA303?

To reduce your down payments, you must submit your SA303 by January 31st following the end of the fiscal year. This means that if it is necessary to reduce the advance for the year 2019/20, SA303 must be submitted by January 31, 2021.


What Happens If I Overpay in My Account?

If you overpay HMRC, they will send you a refund. Log into your personal tax account to confirm it.



How Do I Get the SA303 Form?

The SA303 form is available on the HMRC website or you can complete and submit the information via your self-assessment account.


Our online accountants can help you with your tax return. Call a consultant on 02085718826 or get an instant quote on online accounting services.



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