Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Dougaldum on July 15, 2011, 05:05:50 pm
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have you set a side money for this :-\
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Bit late if you have not, always the credit card i suppose
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have you set a side money for this
the most typical error that self employed make.. always stuff some away each month for this
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yes,and got a nice re-fund coming back hehehehehehe ;D
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I will be able to pay most of it by the end of July. The rest will probably take until mid August so I expect to be charged a little bit of interest.
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hi
beware that the tax office are charging a hefty surcharge over and above interest on late payments.
as you are talking july i assume these are your payment on account which i dont think you get the surcharge for. any other tax like balance payment is getting hit hard.
cheers
john
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Already paid mine and have January's in the bank.
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hi
beware that the tax office are charging a hefty surcharge over and above interest on late payments.
as you are talking july i assume these are your payment on account which i dont think you get the surcharge for. any other tax like balance payment is getting hit hard.
cheers
john
Yes I know that the surcharges have increased recently. They add 5% to anything that is over one month late. That has been the case for quite a while. However, now they add extra surcharges (5% of outstanding amount) at 6 months and again at 12 months. There should only be a small amount left to pay come mid August. As that is less than one month late, there would be no surcharge. However, an annual interest rate of 3% kicks in on the first late day. As I would only be two weeks late that would be one twentysixth of 3%. It would add about one ninth of a percent to the amount owing - i.e. about 11p per £100 short. I do hope to be able to pay in full and on time. However, it looks like a large cheque that I am due won't be with me till early/mid August.
http://www.hmrc.gov.uk/sa/deadlines-penalties.htm
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oct 31 paper as to be in yeah? :-[
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I don't think they put a surcharge on account payments, you are actually paying in advance, therefore the money isn't actually late at that point.
Having said that, their interest charges are alot more favourable than your flexible friend!
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oct 31 paper as to be in yeah? :-[
Yes but-
Another tip GB- the sooner the better! Don't be faffing about come January.
Put money aside each week for your tax & NI liability. ;)
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tax apparently doesn't have to be taxing
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I pay £250 a month by direct debit; sweetens the blow somewhat come July 31st and January 31st.
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I pay £250 a month by direct debit; sweetens the blow somewhat come July 31st and January 31st.
I'm meant to pay nearly £2.5k by July 31. I do have the equivalent of over £250 a month put by but it won't be enough. There was a fair jump in profit in the relevant year so I'm being hammered a bit with the payment on account. Next year will be a bit easier as the profit level is fairly static. Although I turned over more, I bought some business items that reduce the profit to around the previous year's.
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Already paid mine and have January's in the bank.
Ditto ;)
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Already paid mine and have January's in the bank.
Ditto ;)
Teacher's pets!
I'm similar to Gold, but I pay by standing order, not direct debit. I can adjust my payments myself that way using interweb banking.
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wish mine was only 2.5 k ::)
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Already paid mine and have January's in the bank.
Ditto ;)
Teacher's pets!
I'm similar to Gold, but I pay by standing order, not direct debit. I can adjust my payments myself that way using interweb banking.
No just being prudent.
I recommend to startups that you only draw 50% of turnover and live off that. That way you always have money saved for Tax and emergencies.
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have you set a side money for this :-\
Have you? :)
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Just go buy some think on hp then pay monthly new car for collecting
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Already paid mine and have January's in the bank.
Ditto ;)
Teacher's pets!
I'm similar to Gold, but I pay by standing order, not direct debit. I can adjust my payments myself that way using interweb banking.
No just being prudent.
I recommend to startups that you only draw 50% of turnover and live off that. That way you always have money saved for Tax and emergencies.
That is pretty much the way I would do it but I would need to increase my turnover a fair bit for that to be possible. Unfortunately I always seem to be chasing the pound in order to service the debt from past mistakes (in my personal life rather than business life).
What I actually do is have BACS payments into a separate account. I did this because Santander stopped showing the references. Those BACS payments do cover the tax and NI. Unfortunately, I had to make a couple of draws on that money earlier in the year so it won't quite cover it this time.
I'm starting to lean towards Tosh or Gold's way of doing things but with a lower amount. The payments wouldn't cover the full bill but would take the most difficult bit off it. If, say, I were to BACS £100 - £150 a month to them that would make a decent dent in it.
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thanks winpro ;)
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i don't mind the tax i pay it's the n.i that i pay which go's straight to the goverment for they luxury in life :-\
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My tax money is in the bank, I have a seperate account for it and pay the money in by standing order. The only way to be safe. Plus about £20 a week for a sickness/winter fund.
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i don't mind the tax i pay it's the n.i that i pay which go's straight to the goverment for they luxury in life :-\
Do we have to pay this then?
I know it's the right thing to do but it isn't a legal requirement, i don't think.
Are their any advantages to ourself in paying this?
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yes you do but it depens on how much make in the year