[jeff1]

My Boss does mine,  I think she cons me and the taxman out of a fortune

[crystal.clear]

for some reason i got a quick return form through one page only whats this all about?

[JohnL]

Neill100  .  .  . When you pay your tax bill you now pay 50% of your tax bill in advance for the next tax year. Its known as  tax paid on account. But the online form asks you this question.

Absolutely! but that 50% paid on account is based on your last years figures, if you then earn above that then the figure has been underpaid.  I assumed the tax system - which we pay for, would have made this adjustment automatically with the figures supplied.

As I said if the returns had been made by a paper return then those figures would have been adjusted and advised accordingly but they dont if you do it online - you have to make that adjustment yourself!

[Paul Coleman]

Neill100  .  .  . When you pay your tax bill you now pay 50% of your tax bill in advance for the next tax year. Its known as  tax paid on account. But the online form asks you this question.

Absolutely! but that 50% paid on account is based on your last years figures, if you then earn above that then the figure has been underpaid.  I assumed the tax system - which we pay for, would have made this adjustment automatically with the figures supplied.

As I said if the returns had been made by a paper return then those figures would have been adjusted and advised accordingly but they dont if you do it online - you have to make that adjustment yourself!

Personally, I would like to see that payment on account spread over the two half yearly payments instead of all being lumped on top of the January bill.  It can hit very hard if you have a sharp increase in profits over the previous year.

[Helen]

If you know your income is going up week by week, month by month, then why not put away £££ in a savings account every week/month so that you have the money ready and waiting when you have to pay. You would also earn interest on your savings account (not much perhaps but anything is worth it!) We all know that we will have to pay the tax man sooner or later, so why not be ready for it

[Cleaner Windows]

but that would be a sensible thing to do!

[neil100]

The tax man introduced the 50% payment on account so he could get his hands on your tax money a year earlier then normall.

It works both ways 50% on account. Because I invested heavily in wfp last year I had a lot of costs to offset against my earnings. So though I had my best ever year in earnings I had a very low tax bill due to the amount of tax (50%)I paid on account from the previous year.

The downside being that I know my Tax bill be far higher this year due to haveing less to offset against tax, a record earnings year and the 50% I will have to pay for next year.

I better get saving.

Nel