Three things I never thought I would hear ...

[pvr]

1. The government telling me not to use public transport but use the car instead.
2. Bigger car parking spaces so the cars are further apart.
3. Pay your tax bill a year later.

 

[Phoenixboy]

:rofl:

 

[mmm-five]

1. The government telling me not to use public transport but use the car instead.
2. Bigger car parking spaces so the cars are further apart.
3. Pay your tax bill a year later.

Don't we do all of those already?

1. I never use public transport, as it's full of stinky plebs
2. I just park across 2 spaces
3. I do my self assessment 6 months after the end of the year, so am 6-18 months behind (or an average of a year)

 

[pvr]

Re 3), you have to pay 50% "on account" so you pay in advance oke:

 

[buzyg]

Re 3), you have to pay 50% "on account" so you pay in advance oke:

This must be a company thing. Never paid the taxman in advance. Always gets paid late Jan.

 

[pvr]

Re 3), you have to pay 50% "on account" so you pay in advance oke:

This must be a company thing. Never paid the taxman in advance. Always gets paid late Jan.

No, that is for all self assessment payments. Not a company thing though.

 

[buzyg]

Re 3), you have to pay 50% "on account" so you pay in advance oke:

This must be a company thing. Never paid the taxman in advance. Always gets paid late Jan.

No, that is for all self assessment payments. Not a company thing though.

I'm not following what you mean. You may need to explain for us daft Cornish yokels. :?

 

[pvr]

If you have income outside of PAYE, you have to fill in a self assessment tax form. This could be income from dividends, self employment income from part time jobs or any other income.

The moment you fill in a self assessment form, you pay tax over the money you have earned as well as 50% of the same again as they assume you are going to earn that again. You pay the tax in January and July, both for last year's earnings and the future earnings - hence the payment in advance ...

 

[brillomaster]

it is a relatively new thing... basically, if you pay tax through a company PAYE scheme, you pay tax as you earn it. however, for self employed people, previously, they paid all their tax potentially a year and a half after that actually earned the money, so now you pay your tax bill from the previous year, plus 50% up front for expected tax bill for next year.

so last may i paid my tax bill for the year 2018-2019, plus 50% of the expected bill for 2019-2020. now, i'm going to pay the remainder of the tax due for 2019-2020 year, plus 50% of the expected tax for the year 2020-2021.

i think. i'm not an accountant...

 

[mmm-five]

That 50% on account has already been earned in the 8 months of the new tax year (between April & December), before you had to submit/pay your self-assessment.
I was just putting 30% of my fees into a separate account and could pay it whenever it was needed. Mostly I had a little surplus (£500-£3000) due to putting extra in for NI which was actually coming out monthly.

 

[brillomaster]

yeah i am massively in the minority... i try and pay my tax within a couple of months of the year ending.

maybe this year i'll submit the return, but then not actually pay it for a while... benefit from the extra £6 of interest :lol:

 

[pvr]

£6 ????? Your tax bill must be £1000000000000 then to get a whole £6 in interest :rofl:

 

[john-e89]

You forgot a number 4 on your initial post.....

4: PVR writing something remotely interesting..... :evil:

 

[buzyg]

If you have income outside of PAYE, you have to fill in a self assessment tax form. This could be income from dividends, self employment income from part time jobs or any other income.

The moment you fill in a self assessment form, you pay tax over the money you have earned as well as 50% of the same again as they assume you are going to earn that again. You pay the tax in January and July, both for last year's earnings and the future earnings - hence the payment in advance ...

Never seen this and we have been filling out a self assessment for 25+ years. Our income outside of PAYE is solely from property. I expect it will change shortly reading this. At least it won't come as a surprise when it does.

 

[-Tom-]

Haha, so true :rofl:

Yep, I’ve been working / self employed for 9 years. The first payment was hideous, you then play a bit of catch up and it doesn’t feel so bad. I now just need to be mega strict, not needing to make a payment in July! No self-loans oke:

 

[pvr]

You forgot a number 4 on your initial post.....

4: PVR writing something remotely interesting..... :evil:

5: john-89 being a nice person :evil: