[M.Acorn]

Gave them £500,still owe them quite a bit,not heard a peep yet ! Check the doormat everyday,for the letter,but nothing so far !!  :

[Colin Day]

They owe me money

[M.Acorn]

Yeah think they will prob o me once i pay everything,what with the van and machine costs etc,not going to kill myself over it,i have had 2 weeks where i have been dead,got one £250 job booked,one waiting to confirm on a £120,but that is it for now,going out quicker than it`s coming in !
Even had to sell off some of my old recording studio gear,but that went into my engine build  :

[Helen]

Gave them £500,still owe them quite a bit,not heard a peep yet ! Check the doormat everyday,for the letter,but nothing so far !!  :

You probably won't hear from them until your next statement comes through for the next "up front" payment. It will then show what you owe plus interest added. Of course you can always go online and find out yourself so you are prepared

[richy27]

Gave them £500,still owe them quite a bit,not heard a peep yet ! Check the doormat everyday,for the letter,but nothing so far !!  :

Mark do you use an accountant or do it yourself

[M.Acorn]

Use an accountant,stresses me out,i just give him a years worth of bank statements,and say sort it out,call me if you wanna know anything £280,worth it for saving me stress

[Simon@arenaclean]

Might be boring but I put 40 a week to the side so I always have a £2000 handy come January. It's one of those things you know is coming so I just prepare for it. I don't mess with HMRC i've had two investigations with no problems, but I don't invite it. Two priorities, feed the kids pay the tax man

[M.Acorn]

That was the case for me,until the gearbox went £1150. then about £400 on the machine

[JandS]

Same here Mark, gave them £500 and another £500 this coming Monday.
They'll just have to wait. Had to have a new boiler fitted beginning of January which
took some of the money I had to one side for them.
Ring them on this number and let them know your situation rather than stick your head
in the sand, there quite sympathetic.
First time ever I haven't had the money but spent a lot last year on upgrading gear.
I'm trying to get through now so will let you know the score.

0845 3661204

John

[MAX Carpets]

I'm late with my VAT, but hopefully do it this week. Feb has been crap!

[craigp]

Mark,

As a short term measure for the reccession the goverment have allowed tax bills to be paid by insalments through the following year; ie what was due at 31st Jan 2010 you can pay now in insalments and finishing at next Jan.

BUT this is only for the reccession, so you'll also need to still put some thing aside for what will be due next Jan, so dont get to used to paying that way.

(I believe this scheme is still going, call them)

As someone above, what I do is pay monthly amount by standing order into an account I dont touch when the tax bill comes you have it.

Really we should all also have a contingencing (sp) for repair/replace of equipment/vans, which can happen any time.

Craig

[Helen]

I'm late with my VAT, but hopefully do it this week. Feb has been crap!

Maybe I am missing something here, but vat isn't part of income, so why should anyone be late paying it? We are vat registered and every payment that comes in, the vat part is put into a separate account. It's not ours, it never has been and never will be, so we don't spend it, just pass it on like the unpaid tax collectors we are C & E are really stamping down on the vat rules and I wouldn't want to get on the wrong side

[Ken Wainwright]

With Inland Revenue there's no point sitting and waiting. You may have fines building up everyday. Talk to HMRC, or get your accountant to do it NOW.

When I was ill a few years back, my tax account was upto date, it was September, but I knew I would not be able to pay my tax the following January. I rang HMRC, explained the situation and they assured me that because I had talked it through with them, they appreciated my situation and wouldn't fine me and asked that I paid what I could when I could, and to keep them informed.

Burying your head in the sand only adds to your problems.

Safe and happy cleaning
The Ken

[clinton]

Following on what craig said and its well worth setting up another account and put lets say  a few hundred pounds a month for tax and new vehicles or machines.

Then at the end of the year after you have paid out there might be some extra left and thats a bonus

[Doctor Carpet (Ret'd)]

Mark,

As a short term measure for the reccession the goverment have allowed tax bills to be paid by insalments through the following year; ie what was due at 31st Jan 2010 you can pay now in insalments and finishing at next Jan.

BUT this is only for the reccession, so you'll also need to still put some thing aside for what will be due next Jan, so dont get to used to paying that way.

(I believe this scheme is still going, call them)

As someone above, what I do is pay monthly amount by standing order into an account I dont touch when the tax bill comes you have it.

Really we should all also have a contingencing (sp) for repair/replace of equipment/vans, which can happen any time.

Craig

Never a true-er comment. you weren't a bank manager in an earlier life, Mark?

[derek west]

ive also heard that your books only need profit and loss figures next year, might save a few hours or quid.
i will stand corrected on that though as i'm not 50% sure

[JandS]

Is that right Derek.
If so will be far easier to fill in.

John

[Simon Gerrard]

The last thing you need is the taxman on you backside. Not paying them on time vastly increases the prospect of you ending up on a watch list, which in turn increases your chances of an impromptu tax inspection and that really is the last thing you want.
Pay'em.

Simon

[richy27]

this is not intended to sound like an a** hole comment but to pay tax you would of originally earnt it so with planning tax should not be an issue yes situations do arise unfortunate ones but no point in brying your head in the sand pay for a good accountant who gives you od advice pay a little more and get much more. we all moan about cheap prices by cc s no differance  . Taxation is all about forward planning and a good accountant can off set so much against your tax, because the rules change so frequently thats why you need to have someone wo is on the ball. 

[Neil Williams]

That was the case for me,until the gearbox went £1150. then about £400 on the machine

But that was only a few months back wasn't it? These expenditures have no relation on what you are currently due to pay IR as this bill is for the previous year.
The costs you have had to pay out on for the van/machine won't form any part of your paperwork until you file your next return.

Also:
Am I reading this right? that some of you aren't putting money aside each week/month but are hoping for a bumper December/January in order to pay the tax bill. Plain daft if that is the business plan.