If you are required to make payments on account for 2014/15 but you expect that your tax liability will be lower in the current year then you can make a claim to reduce your payments on account.

Your liability may be lower if your self-employment or rental profits are expected to be lower or if more of your income is expected to be taxed at source.

You can reduce your payments on account to any figure that you expect to cover your liability for the current year and enter the amount of each payment (January 2015 and July 2015 in this box) i.e. half of your expected tax liability.

If you reduce payments on account to a figure lower than your actual liability then HMRC will charge interest on the incorrectly reduced amount from the original due date.