Hi Guys,
Having a bit of an issue with the tax man atm and finding it hard to see the light.
For the year ended april the 6th 2009 on turnover of 32 - expenses & allowance - a profit of 21 I'm having to shell out with the two payments a whoping 9,500 45% of my profit by October. Also I have paid the £100 fine and ongoing intrest. I've been told by them and my accountant to expect "about the same in January"
And just been hit by some 5% surcharge which I wasnt told about.
I Haven't fully worked out the year end april 2010 yet but have strong reason to belive that the profit might not be as much due to re-tooling and investing back in. I have tried to mention this to my acountant and the tax man and they dont want to know. nor tell me to much about how payments work or whats coming up.
Can anyone put to me in a simple answer how this whole paying up front thing works and whats gonna happen in January as im getting close to either shuting up the shutters and flying a new flag. Or going to find a bridge
Is it possible to be overpaying? and can i get it reduced? Also anyone else been hit with this 5% charge as I have been told there computers are spiting out all types of made up fines and charges.
Thanks in advance.
A.J