[Fast 1 *]

Probably not the best thing to ask,but how much tax do you pay roughly a year?

[windows_chepstow]

As little as possible, but then it still seems too much.

We pay thousands and thousands in tax, when you take VAT, fuel duty, council tax and probably lots of other taxes I don't even realise.  I'm sure there's VAT on condoms, so the tax man even taxes your 'personal life'.

However, I was stung this year and had to pay 'on account', where I had to pay 04/05 tax bill AND 06/07 tax bill based on my 04/05 accounts.

That really stung me, and I don't think is right, since I've paid tax on money I may not have yet earnt, if you see what I mean.

Imagine this years profit was exactly the same as last years, then I've paid all my tax uptil April next year; yet I've not earnt that money yet.

I think it's wrong, whinge, whinge, whinge, etc.

[S_RICHARDSON]

Wouldn't life be great without tax huh!!!   

[Paul Coleman]

Wouldn't life be great without tax huh!!!   

Well no, not really.  Ok so it's not nice paying it - especially if you haven't put enough away for it but think of how life would be without tax.  Although taxes fund a lot of things I disapprove of, they also fund a lot of social care.  I realise the right wing press tend to home in on the p takers but there are many people out there unable to fund themselves through no fault of their own.  Although crime happens, we don't usually have people breaking into our houses just to fund their next meal.  Taxes allow the state to give out "hush money".  No-one can live well on state benefits but it's usually enough to give basic shelter and stop someone getting too hungry.
I have no problem with the concept paying into a pot so that those unable to look after themselves may be helped.  One day, I may be one of those people.  Indeed, there have already been several times in my life when I needed assistance of various kinds.

[macc]

                                                   I'm sure there's VAT on condoms, so the tax man even taxes your 'personal life'.

Not me, the mrs is not that interested, thats one tax i would be happy to pay 

[S_RICHARDSON]

Wouldn't life be great without tax huh!!!   

Well no, not really. Ok so it's not nice paying it - especially if you haven't put enough away for it but think of how life would be without tax. Although taxes fund a lot of things I disapprove of, they also fund a lot of social care. I realise the right wing press tend to home in on the p takers but there are many people out there unable to fund themselves through no fault of their own. Although crime happens, we don't usually have people breaking into our houses just to fund their next meal. Taxes allow the state to give out "hush money". No-one can live well on state benefits but it's usually enough to give basic shelter and stop someone getting too hungry.
I have no problem with the concept paying into a pot so that those unable to look after themselves may be helped. One day, I may be one of those people. Indeed, there have already been several times in my life when I needed assistance of various kinds.

your probably right now you put it that way but i sometimes think mayb we pay little over the odds on our earnings!!

[busydaffodil]

Alot of self employed people fell into the "pay in advance" trap.   

Last year you would have noticed that your quarterly NI bill had gone down to £26/£27.    They havent reduced the yearly Class 2 & 4, they just reduced the quarterly one and increased the 1 you pay in with your Tax bill.  The consequence of this was that many small businesses then fell into the higher tax bill therefore suddenly having to prepay half of the next years.

Didnt actually affect me......have always paid my dues in full.

[Sunshine Cleaning]

As little as possible, but then it still seems too much.

We pay thousands and thousands in tax, when you take VAT, fuel duty, council tax and probably lots of other taxes I don't even realise.  I'm sure there's VAT on condoms, so the tax man even taxes your 'personal life'.

However, I was stung this year and had to pay 'on account', where I had to pay 04/05 tax bill AND 06/07 tax bill based on my 04/05 accounts.

That really stung me, and I don't think is right, since I've paid tax on money I may not have yet earnt, if you see what I mean.

Imagine this years profit was exactly the same as last years, then I've paid all my tax uptil April next year; yet I've not earnt that money yet.

I think it's wrong, whinge, whinge, whinge, etc.

In actual fact Tosh you have erned the money, but not submitted it to the IR. Tax paid in Jan 07 would have been earned in 05-06. If you pay "in advance" it is money earned in March 06-Sep 06, so when you pay it in Jan you have actually earned it.

[windows_chepstow]

In actual fact Tosh you have erned the money, but not submitted it to the IR. Tax paid in Jan 07 would have been earned in 05-06. If you pay "in advance" it is money earned in March 06-Sep 06, so when you pay it in Jan you have actually earned it.

You've lost me, (I've always been a bit 'dates dyslexic').

I've been forced to cough up for 05/06 tax year, the figures were taken from my self assessment submission.

I've also coughed up for 06/07, based on the figures taken from my 05/06 tax return.

So, if this year (06/07), I earned exactly the same as I did in 05/06; the tax man has now got all monies owed upto April 2007 (next year obviously), despite me not having earned it all yet.  I mean it's not March 07 is it, yet the tax man has billed me for tax uptill then.

Am I making sense?

Am I missing something?

[Sunshine Cleaning]

I'm confused too!!

I had to pay a large lump on account last Jan, it hurt

All I can say is Poo to paying tax!

[busydaffodil]

come on guys.   Whos gonna pay for all the needie people on benefits.    You might need assistance one day too.

Tosh.....if you've paid half of 06/07 then your tax bill for the 06/07 in April will be for the other half of 06/07 and half of the following year 07/08.   It only actually costs you more the first time it happens....from then on in, it goes like above.

Hope you can follow.....cos I know what I mean but dont know if I can explain it correctly.

[Mr.G]

I pay around 1000 pounds a year in tax just on filling up the car

[Templar]

When you get looked at closely, or investigated it can be quite worrying. I thought it was the end of the world. I think it's not that you've done anything wrong, you just wish you'd kept better books and records.
I do keep good books and records now and I sleep easy.

[Londoner]

I love tax, without it I would have to think of things to spend my money on but as it stands the taxman has it so I don't have to worry.
Tosh is right, I have to pay tax in advance and it seems unfair.

Templar makes a good point. The cheapest option is still to keep it straight, make sure your tax affairs in order. If you try to avoid paying tax and get caught they really make you suffer.