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Author Topic: Now us Self Employed pay tax Twice a year  (Read 1260 times)

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Offline SouthernExPat

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Now us Self Employed pay tax Twice a year
« on: Jul 31, 2008, 14:35 »
Obviously, now that Labour have screwed the economy completely, and Brown and Blair's War Mongering has cost us all dearly...the government have decided (to help their Cashflow) to not only Tax the Self Employed in January...but again in July!!

As is usual for these sneaky Crooks.... they dont actually tell you, or warn you...they just slip it in, like a date-rape drug, into your drink!...in the hope no-one will kick off about it.

It would'nt have been so bad, if they bothered to tell you!....But they keep everything quiet!!

In much the same way as Brown snivelled his way into Power, they prove once again (if any proof was needed) that they are secretive, sly, and totally untrustworthy!

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Offline Durham Forum

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Re: Now us Self Employed pay tax Twice a year
« Reply #1 on: Jul 31, 2008, 14:55 »
Obviously, now that Labour have screwed the economy completely, and Brown and Blair's War Mongering has cost us all dearly...the government have decided (to help their Cashflow) to not only Tax the Self Employed in January...but again in July!!

As is usual for these sneaky Crooks.... they dont actually tell you, or warn you...they just slip it in, like a date-rape drug, into your drink!...in the hope no-one will kick off about it.

It would'nt have been so bad, if they bothered to tell you!....But they keep everything quiet!!

In much the same way as Brown snivelled his way into Power, they prove once again (if any proof was needed) that they are secretive, sly, and totally untrustworthy!

So you pay your tax every 6 months instead of every year? Is it still based upon the previous 12 month's accounts?

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Offline SouthernExPat

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Re: Now us Self Employed pay tax Twice a year
« Reply #2 on: Jul 31, 2008, 15:17 »
So you pay your tax every 6 months instead of every year? Is it still based upon the previous 12 month's accounts?

No...thats the pinch!..you pay Tax on 'Expected' profits for the following tax year! (as far as I can establish)

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Offline Durham Forum

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Re: Now us Self Employed pay tax Twice a year
« Reply #3 on: Jul 31, 2008, 15:33 »
Eh??? How the hell do you know what your expected profits will be in the current climate? Your projected profit could be wiped out by utility rises.  :|

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Offline SouthernExPat

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Re: Now us Self Employed pay tax Twice a year
« Reply #4 on: Jul 31, 2008, 17:22 »
Eh??? How the hell do you know what your expected profits will be in the current climate? Your projected profit could be wiped out by utility rises.  :|

Precisely....Bloody stupid!

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Re: Now us Self Employed pay tax Twice a year
« Reply #5 on: Aug 01, 2008, 11:55 »
If you ever find out for definite what is going on, please let us know!

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Offline SouthernExPat

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Re: Now us Self Employed pay tax Twice a year
« Reply #6 on: Aug 01, 2008, 12:28 »
If you ever find out for definite what is going on, please let us know!

Oh, I will m8..... But the Ministry like to keep everything as complex as poss of course, so they (and the Accountants) can screw you over big time! :evil:

Anyhow...I am off for a weeks Fishing in Lincs...so stuff 'em! :wink:

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Re: Now us Self Employed pay tax Twice a year
« Reply #7 on: Aug 01, 2008, 13:06 »
I tried the BusinessLink site for a Sole Trader and this is what it came up with as a calendar of events for the next year. It all still refers to the previous tax year. Are you sure you interpreted it right? It might be different for Limited Companies of course (don't know how you're set up).

September 2008

30/09/08  File self-assessment return for previous tax year if you wish HM Revenue & Customs to calculate your tax and tell you how much you need to pay before 31 January, and you are not submitting online.


December 2008

29/12/08  If you use an Agent who is registered to use the HM Revenue & Customs agents online service they must submit your self-assessment return if you owe less than £2,000 and want it collected through your tax code.
If you received your tax return form after 31 October, refer to it to check your deadline.
 

30/12/08  Complete self-assessment return for previous tax year online if you owe less than £2,000 and you want it collected through your tax code.


January 2009

31/01/09  If you need to make payments on account, pay your first payment for the current tax year.
You will not be required to make payments on account if your tax bill for the previous year was less than £500, or if more than 80 per cent of your income tax for the previous year was deducted at source.
 

Pay balance of income tax due for previous tax year to prevent being charged interest or surcharges.
If you received your tax return form after 31 October, refer to it to check your deadline.

File self-assessment return for previous tax year by this date to prevent incurring penalties.
If you received your tax return form after 31 October, refer to it to check your deadline.

 
July 2009

31/07/09  If you need to make payments on account, pay your second payment for the previous tax year to prevent incurring interest or surcharges.
You will not be required to make payments on account if your tax bill for the previous year was less than £500, or if more than 80 per cent of your income tax for the previous year was deducted at source.



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Offline SouthernExPat

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Re: Now us Self Employed pay tax Twice a year
« Reply #8 on: Oct 03, 2008, 19:58 »
It's called 'Payment on Account'  :wink:...as you quite rightly point out!..caught me totally by surprise!...Time for an accountant methinks

http://www.hmrc.gov.uk/manuals/salfmanual/SALF303.htm

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