Personal Allowance on Auto Entrepreneur
We have received a letter from RSI stating that our application to change to Auto entrepreneur has been accepted and that our tax payments taken from our bank account this year for the Micro enterprise will be refunded. It advised us to visit the Auto Entrpreneur site to sign on and pay contributions however because we only received the letter about 6 days ago, we have printed the form and sent it off to RSI.
We are now in our second full year, so the contributions that we have already made to RSI this year were based on the adjustment of our 2007 revenue taking into account the personal allowances. The payment that we have sent for the 1st quarter is at a flat rate of 12%, can anyone tell me if this will be adjusted at the end of the year to take into account this years personal allowances?