[Dougaldum]

have you set a side money for this 

[Mike_G]

Bit late if you have not, always the credit card i suppose

[dave0123]

have you set a side money for this 

the most typical error that self employed make.. always stuff some away each month for this

[Frankybadboy]

yes,and got a nice re-fund coming back hehehehehehe

[Paul Coleman]

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.

[clarkson]

 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

[SunShineCleaning]

Already paid mine and have January's in the bank.

[Paul Coleman]

 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

[GB Window Cleaning]

oct 31 paper as to be in yeah? 

[scud]

  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!

[♠Winp®oClean♠]

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.

[alanwilson]

tax apparently doesn't have to be taxing

[AuRavelling79]

I pay £250 a month by direct debit; sweetens the blow somewhat come July 31st and January 31st.

[Paul Coleman]

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.

[Jeff Brimble]

Already paid mine and have January's in the bank.

Ditto 

[Tom White]

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.

[edward1]

wish mine was only 2.5 k :

[SunShineCleaning]

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.

[Helen]

have you set a side money for this 

Have you?

[poole bay]

Just go buy some think on hp then pay monthly new car for collecting