Idle Banter For non SV and non bike related chat (and the odd bit of humour - but if any post isn't suitable it'll get deleted real quick). There's also a "U" rating so please respect this. Newbies can also say "hello" here too. |
|
Thread Tools |
04-07-22, 08:43 AM | #1 |
Member
Mega Poster
Join Date: Jun 2016
Location: NE Lincs
Posts: 1,082
|
HMRC - it's tax time again
I filled out my self assessment tax form for tax year 21-22. Prior to do doing it, I do a rough calculation as to how much tax I owe and this year it came to about £2000.
When I had completed the form, it told me I owed £2134, so I was roughly correct, plus a further £1067 on account, giving a total of £3200. What? Where did that come from? So I call HMRC (FYI - if you call the Self Assessment number and the AI operator doesn't recognise your NI number it puts you in the PAYE queue - and doesn't tell you). Anyway, 40 minutes later I speak to this young Scottish lady and the explanation she gave made my head explode. We had to go over it two or three times and I'm still not sure I comprehend. If you owe over £2000 tax then HMRC makes you pay half of your tax bill "on account" in addition to whatever you actually owe. HMRC thus gets to keep, in my case, £1067 which will be deducted from next year's tax bill*. What a con! Normally, I pay my taxes promptly but this year I'll wait till the last minute. * I think.
__________________
2016 SV650AL7 2023 GSX-8S |
04-07-22, 10:20 AM | #2 |
Moderator
Mega Poster
Join Date: Jul 2003
Location: Nr Ruthin
Posts: 7,058
|
Re: HMRC - it's tax time again
If you've ever been self employed in the UK, you will be painfully aware of 'on account' tax. It allows the government 'borrow' money at a zero interest rate. glad I'm out of that and back PAYE.
|
04-07-22, 11:20 AM | #3 | |
Member
Mega Poster
Join Date: Jun 2016
Location: NE Lincs
Posts: 1,082
|
Re: HMRC - it's tax time again
Quote:
"Nothing is certain but death and taxes." * unless you're an MP with Cayman Islands accounts.
__________________
2016 SV650AL7 2023 GSX-8S |
|
04-07-22, 05:11 PM | #4 |
Member
Mega Poster
Join Date: Jun 2005
Location: High Wycombe, where the chair factories used to be
Posts: 1,449
|
Re: HMRC - it's tax time again
Sounds familiar. And I'm also glad to be back on PAYE partly for that reason. Still got a few years before retirement but will stick with fixed term contracts or, at a push, umbrella deals until I get there. Thankfully my tax affairs are simple now and I do t have to do SA any more - yay!
__________________
We are the Goon Squad and we're coming to town, BEEP BEEP! |
05-07-22, 01:30 PM | #5 |
Member
Mega Poster
Join Date: Jul 2008
Location: here as devil's advocate
Posts: 11,541
|
Re: HMRC - it's tax time again
if your owing the tax man that amount then your raking it in so dont complain too much. go speak to an accountant they might shed some better light on things or even save you money.
|
05-07-22, 07:32 PM | #6 |
Member
Join Date: Aug 2007
Location: nr. Ashby-de-la-Zouch
Posts: 321
|
Re: HMRC - it's tax time again
£2000/year in tax isn't raking it in. That's about £22k gross PAYE equivalent isn't it - hardly a large income, well below UK average.
__________________
Spannering the wife's SV650S K5 pointy in Black, and son's SV650 X curvy in Blue. RIP SV650 X curvy, crashed and written off December 2019. I'm (procrastinating about) fixing up an old Yamaha FZ600 to get myself fully back on the road. |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Anyone who understands HMRC??? | Nekkid | Idle Banter | 23 | 03-04-13 11:35 AM |
HMRC....I don't like | dizzyblonde | Idle Banter | 10 | 23-05-11 07:44 PM |
HMRC rant | Ed | Idle Banter | 16 | 09-03-11 02:06 PM |
HMRC refund email | pete m | Idle Banter | 6 | 23-11-10 06:10 PM |
How useless are HMRC | Miss_Undaztood | Idle Banter | 18 | 27-04-10 04:33 PM |