[m.b.s.]

go ltd accountents dont like it but good for you if you are paying heavy tax

Accountants love it because they can charge you more.

what i ment buy dont lik e it it is a lot more paper work for them and they dont like telling you about going limited this is just how i see it anyway
yes they do charge you a lot more

[Niall McAllister]

if you get in touch with your tax office they may get you on a workshop for self assessment. I went on one and it cleared up a load of worries, but they also gave me a flow chart thing that gives you an idea of what you need to put aside each week/month to cover the bill when it hits you.
you put that in a nice safe Icelandic bank account and you have no worries.
Niall

[pingu]

The UK taxman is a grabbing git...here in Holland he is still a grabbing git but for the first 3 yeas on our business we get alot of help with income tax and VAT (BTW) we have also bought a house and the first 4 monthly payments were reduced by 66% as a help for first time buyers.

Then he'll take everything he can....

Cheers
Dave.

[AuRavelling79]

I pay monthly direct debit.

So much easier.

How do you arrange that then - and what happens to any over/underpayment?

[magic1]

Poleman
Cleanitup God

 Offline

Posts: 1808



          Re: Double tax - oh joy
« Reply #17 on: Today at 08:35:09am »   

If you go Ltd (we have) you can have a nice tax free wage up to 35k a year! (dividend) but that is after you have paid corporation tax! 20% (Small companies’ rate)

   How does that work?? you dont pay tax on dividends upto 35k

[matt]

If you go Ltd (we have) you can have a nice tax free wage up to 35k a year! (dividend) but that is after you have paid corporation tax! 20% (Small companies’ rate)
 

tell us more andy

you know me, im a poor window cleaner, i have to make do with putting bits of cardboard in my shoes, i guess unlike you

[Tosh]

I pay monthly direct debit.

So much easier.

How do you arrange that then - and what happens to any over/underpayment?

I think he means standing order; it's easy to set up; phone the tax bloke and find out the sort code and account number and on internet banking set it up; using your UTR as your reference.

Just pay the monthly amount you think you will owe in tax.

I do this; it's great. 

If you get too much in credit, you can request for the payment to be made to you.

[ftp]

I like to hold on to my money until the last possible minute! Why let them have your interest?

[Tosh]

I've just had a look at my standing order to the tax man.

I use the following details:

Sort Code:  10 50 41

Account Number:  23456000

My own UTR (unique tax reference number).

I'm sure it's the same for all of you, but I'd check it out first.

[Tosh]

I like to hold on to my money until the last possible minute! Why let them have your interest?

If you're disciplined, that's great; but if you're not; paying monthly is great also.

[geefree]

I pay monthly direct debit.

So much easier.

i enquired about this, they said they have no such system.

[matt]

I like to hold on to my money until the last possible minute! Why let them have your interest?

If you're disciplined, that's great; but if you're not; paying monthly is great also.

mine gets paid in the last week its due  im sure they are not waiting at the computer to check ive paid though 

[Oakley Windows]

I pay monthly direct debit.

So much easier.

i enquired about this, they said they have no such system.

Well, in that case I wonder where my money is going. Quite obviously what is happening is you have been asking a dunder-head. They do have that system in place, it is there, you just need to call em a bit more, eventually you'll get the right dept.

Its a Direct Debit, not standing order. I pay what my annual tax-bill is on an annual basis divided into 12 equal monthly amounts.

As for overpayments, I dont pay them that much monthly to allow that to happen  Under payment, well, I then owe them what is outstanding.