CMS - Employed > Self employed URGENT ADVICE NEEDED

hi,

so CMS are asking you to get an accountant to send them a document of your projected earnings over next 12 months. google some accountants, I think some will do one for you for around £25. If you don't then they will base your maintenance payments off your last P60/earnings year. then they will just wait for you to submit your next self-assessment return/annual return if you run a company.

@bill337 Thank you ever so much. I have an accountant but I don’t think we fully understood the task. He was taking into account my previous P60s. So all I’ve got to do is ask for a projected earning for the next 12 months? Is that all I would need? Thank you for all your help.

yes exactly. you can simply tell your accountant do a rough estimate of what you expect to earn per week or month for next 12 months, average it to give a yearly figure. then you send that letter off to CMS, and they will recalculate your maintenance payments. better to send the letter to them using the self-service portal.

@bill337 Thank you ever so much. It has been a bit of a nightmare getting my head round it all.

Posted by: @lordrah1m

Initially my payment were based on my previous P60 and therefore the amount was correct. However I am now self employed. They have asked me for a letter from my accountant. My company has only just started trading. I am making less than that I did when the payments were calculated. I am needing advice on what exactly I need to provide. I am continuing to pay my payment whilst I sort all this out as I do not want to be in arrears or not provide for my children. My payment only stated on the 1st of this month if that information is any use to the advice that is provided. I am happy to provide more information if anyone requires me to do so before they can have their say. Overall I would be grateful for any advice provided. Some have provided me details for a financial advisor, would this be necessary? Look forward to reading the replies. So much going on at once.

been in this boat, they wont have hmrc evidence to work with so you need to use an accountant to provide a profit and loss for last 3 months etc, keep submitting this until you got a years books, then hmrc will provide the rest from there.

any payments due, you need to make a payment regardless, i would work out the amount it should be based on your profit and loss and make a payment that you can afford, everything will balance out once your up to date.