Self Assessment Tax Payments ----Reminder

[Evans Electric]

I'm assuming that July 31st  doesn't just apply to me  so as I write them a Gregory I thought I'd post a reminder.

Just reminding .

 

[Murdoch]

Thanks. I did send my payments via bacs but haven't logged onto my HMRC account to check they have got it. Don't fancy getting a fine for late payment!

 

[kerching]

I leave all,that malarky up,to my Accountant.

I have however just cancelled my membership/opted out of the CIS scheme. It was getting to be a right Barrymore remembering to submit a nil return every month. Only ever used a subbie twice in three years

Just saying

 

[ProDave]

I must live in a different country to you lot as I had to pay my self assesment tax by 31st January.

Next lot won't be due until next January.

 

[Murdoch]

I must live in a different country to you lot as I had to pay my self assesment tax by 31st January.

Next lot won't be due until next January.

I find that really odd! HMRC state jan and July!

 

[ProDave]

Is this the payment on account thing then?  I haven't had to do that for a number of years since the tax threshold is so high now and my part time earnings are so low.

 

[Andy™]

I find that really odd! HMRC state jan and July!

mines only jan too?

 

[Evans Electric]

Strange some of us have a payment in July  , yes its the one  "On account"   (in other words  "Up front")

Kerch ;   I too extricated myself from the CIS scheme  , I found it a nightmare TBH  for the same reason as you ,  forget the nil return ......£100 fine thank you .......never paid one though , contested them all . 

 

[Murdoch]

mines only jan too?

I wonder if its a change in payments that HMRC have put to "new" people being SE - which for me is now 5 years, and that established people have different agreements?

 

[Sharpend]

Well 14 years ago they wanted 'on account' ?

 

[Andy™]

I wonder if its a change in payments that HMRC have put to "new" people being SE - which for me is now 5 years, and that established people have different agreements?

good point on the SE bit - since im employed, my tax etc is slightly different to SE

 

[ProDave]

Well 14 years ago they wanted 'on account' ?

I said before, the On account thing kicks in if your annual tax payment exceeds a certain amount. then they ask you for an estimate of next years tax in advance.

But since the thresholds you can earn before you pay tax have risen so much, and my income has remained the same, I no longer "qualify" for this on account nonsense so I just pay what I owe each January.

 

[Steve3948]

Been on account for the last 29 years, it's not really a payment its an estimate of what your earnings will be so that at the end of January you can make a payment.

It may end up you pay too much, so you get it back once your accounts are submitted, or you may have to pay more if an underpayment has been made in January which always seem to be in my case.