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If you owe less than £3,000 in tax, it's often unnecessary to fill in a self-assessment sheet.
For starters it will eat further into the outstanding amount, which will mean you owe less and therefore need to pay less interest – a big money saver.
In this case, any additional tax you owe can usually be paid through your tax code, provided you owe less than £3,000.
This is also the deadline if you want tax you owe to be collected through next year's PAYE code; this is possible only if you owe less than £2,000.
If you owe less than that amount for the tax year, you lose the rest of the credit (no, it isn't an additional 'refund,' and any left over can't be applied to your personal taxes the following year).
You owe less than £15,000, and so it's a way of getting all your debts written off".
Similar(49)
The bad news is that it is too late to opt out now – if you owed less than £3,000 then you only had until 30 December to request an exemption.
If you think you may owe less in taxes, keep your withholding allowances the same for now until the withholding guidelines are updated.
If you'll owe less than $50,000, the IRS will let you apply online; you'll need to submit Form 9465, Installment Agreement Request.
The tax brackets are no longer the same, and you hopefully owe less taxes this year.
Instead, it might make sense to accelerate any possible income into this year when you might owe less taxes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com