[Tosh]

I've been spanked for the past few years by the tax man; making me pay lump sums by the 31st of January and July, particularly after my first year of window cleaning when he wanted that years worth of tax money, shortly followed by the January payment on account. 

I really did struggle that second year, I seem to remember.

Anyway, early this year I organised myself and set up a standing order to the tax man via internet banking; and if you're reading this you've obviously got 'tinternet; so capable of internet banking.

So, since January I've been paying a set amount each month to the tax man, putting me in credit and now that I've sent off my self assessment and received back my tax bill and I'm in credit (WOW) and I've only a few hundred pounds to put towards my July payment on account; which isn't a problem since I'll just keep paying the standing order each month.

I'm not earning 'wads', just paying the bills and enough to pay for beer with enough left over for some luxuries (like soap and toothpaste); so it's just a little tip for those of you like me (who're not the best with cash in their pockets)... it's easy to forget about the tax man, till January 31st!

So I hope you don't get spanked like I used to get!

[mick hay]

Think im  gna be "spanked"..lol. got whats owed for the year, but not for the coming year.......

They must understand that for a new business, its difficult to pay up front.....

Gna set up a d/debit to pay it. will be paid in full by the july payment, so they cant be too upset.....robbing b**tards 

[East coast window cleaning Services]

having real probs at the moment with them there sitting £4.500 of my money which was paid via the cis scheme you think i can get it back. accontants on to it now i got my tax bill to pay for last year but im refusing to pay till they refund whats mine

[tacky]

good idea thanks tosh

[Art]

Why not put the same amount into a high interest account every month, then when it's time to pay you've gained a little interest on your money.

[matt]

Why not put the same amount into a high interest account every month, then when it's time to pay you've gained a little interest on your money.

tax man pays interest aswell

[The Seven Bays Window Cleaning Company]

Why not put the same amount into a high interest account every month, then when it's time to pay you've gained a little interest on your money.

tax man pays interest aswell

yeh, but the tax man is a C&^%T !!!

I hate them 

[xxmattyxx]

Why not put the same amount into a high interest account every month, then when it's time to pay you've gained a little interest on your money.

tax man pays interest aswell

yeh, but the tax man is a C&^%T !!!

I hate them 

Now now temper temper 


Ive been paying mine DD for about a year now, it does save that time in the year of having to come up with a lump sum.
However if at any stage you are owing them something, even if you do pay monthly they still want it. I phoned them up a couple of months back, I simply wanted to increase my monthly payments, but because I owed them £115.00 they needed that cleared, then to cancel my existing DD and then to start up a new arrangement, after the phone call I wished I hadnt bothered, I mean who be moans you trying to give you an extra 50 quid a month, only the tax-man can do that !!

[Pole2pole]

I got a direct debit set up. Into another bank account of mine. After years of dipping my hand into "their" money and having the shock of havin to pay last years and this years in one hit a few years back i decided that DD was the only way. The interest is peanuts but i know the lump is there and they can have it last minute......literally. B&*^*y B$%$^^%^ B&%&& SH%&%%&&%

[Tosh]

Guys,

For those of you who have Direct Debits to the tax man, cancell them and set yourself up a STANDING ORDER.

That way you can easily reduce, increase, or stop any payment; you only have to give your bank very little notice to do this.  I can do it using the internet.

With Direct Debits, the company has control of your account; but with  Standing Order, you have the control.

When you set up the Standing Order, just use your UTR (Unique Tax Reference (the big long number on your tax bills)) as a reference for the tax man.

[windowwashers]

Guys,

For those of you who have Direct Debits to the tax man, cancell them and set yourself up a STANDING ORDER.

That way you can easily reduce, increase, or stop any payment; you only have to give your bank very little notice to do this.  I can do it using the internet.

With Direct Debits, the company has control of your account; but with  Standing Order, you have the control.

When you set up the Standing Order, just use your UTR (Unique Tax Reference (the big long number on your tax bills)) as a reference for the tax man.

you just took the words straight out of my mouth 

[Tosh]

Why not put the same amount into a high interest account every month, then when it's time to pay you've gained a little interest on your money.

Art,

I agree, your method is probably the best way to do it, but it does take some self-discipline in leaving the money alone.

[Walter Pole]

Why not put the same amount into a high interest account every month, then when it's time to pay you've gained a little interest on your money.

.......or better still, buy premium bonds every month by standing order....you never know you could win some serious money back.  When the tax bill comes you can simply cash them in.

[Neil271052]

Why not put the same amount into a high interest account every month, then when it's time to pay you've gained a little interest on your money.

.......or better still, buy premium bonds every month by standing order....you never know you could win some serious money back.  When the tax bill comes you can simply cash them in.

That's a very good ploy and is one I have used in the past. Even the £50 and £100 prizes are a nice offset.

I choose to invest my money in stocks and shares and if I do my job right I can often pay a lot of  my tax bill out of my profits.

Make your money work for you. 

[Tosh]

[.......or better still, buy premium bonds every month by standing order....you never know you could win some serious money back.  When the tax bill comes you can simply cash them in.

Hey,

I like that!  Your money is safe, shares can be risky; I'd probably buy the next 'Northern Rock' type shares.

I'll definately look into this; are there any charges?

[windowwashers]

Why not put the same amount into a high interest account every month, then when it's time to pay you've gained a little interest on your money.

.......or better still, buy premium bonds every month by standing order....you never know you could win some serious money back.  When the tax bill comes you can simply cash them in.

chartermarque    thats got be be the best post I have read this week so far.
why are the simple options always the best

[billozz]

good idea tosh. i didnt know you could pay like this, can you explain how to do it please, or a link to the right place on the revenue site
thanks
bill

[rhys11]

I'm not earning 'wads', just paying the bills and enough to pay for beer with enough left over for some luxuries (like soap and toothpaste); so it's just a little tip for those of you like me (who're not the best with cash in their pockets)... it's easy to forget about the tax man, till January 31st!

So I hope you don't get spanked like I used to get!

lol

[Tosh]

good idea tosh. i didnt know you could pay like this, can you explain how to do it please, or a link to the right place on the revenue site
thanks
bill

Bill,

You'll be asking me to clean your windows for you next!