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Eva’s income tax liability and class 4 national insurance contributions (NIC) for the tax year 2015-16 are £4,840. Her income tax liability and class 4 NICs for the tax year 2014-15 were £6,360.
What is the lowest amount to which Eva could make a claim to reduce each of her payments on account for the tax year 2015-16 without being charged interest?
answer
£4840/2
how did it get the answer£4840 is the ACTUAL tax due for 2015/16 – if the payments on account had been reduced below that then Eva would have underpaid her 2015/16 liability and therefore interest would be chargeable on underpaid tax
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