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TheCountOfNowhere

The Tax Man Cometh....

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I'm off up the post office in a mo to pay my tax bill, it's due by the 31st of July but paying a bt early means less money laying about not earning any interest and if the bank goes belly up tomorrow at least I will have paid.

Made me think though...anyone struggling to find the cash to pay their self assement tax bill ?

I know one contractor that is in dire straights and has no money to pay.

I wonder how nice the tax man will be this year to the non payers.

Anyone else struggling to pay ?

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I'm off up the post office in a mo to pay my tax bill, it's due by the 31st of July but paying a bt early means less money laying about not earning any interest and if the bank goes belly up tomorrow at least I will have paid.

Made me think though...anyone struggling to find the cash to pay their self assement tax bill ?

I know one contractor that is in dire straights and has no money to pay.

I wonder how nice the tax man will be this year to the non payers.

Anyone else struggling to pay ?

Not me. since we STR'd I have been paying myself less to build up a cushion in the company.

Very unpatriotic of me I know, not to pay the "right amount of tax".

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I'm off up the post office in a mo to pay my tax bill, it's due by the 31st of July but paying a bt early means less money laying about not earning any interest and if the bank goes belly up tomorrow at least I will have paid.

Made me think though...anyone struggling to find the cash to pay their self assement tax bill ?

I know one contractor that is in dire straights and has no money to pay.

I wonder how nice the tax man will be this year to the non payers.

Anyone else struggling to pay ?

I did have the money to pay but then received an email from a poor man at RBS whose bonus wouldn't cover his yacht repairs, so I gave all my money to him. I viewed it as cutting out the middleman.

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Is this not one of the things Gordon was bleating on to the fishmonger yesterday? That there is help out there for small busineses?

I don't see how though, unless they can guarantee the recession is over by xmas and trade increases, that you can avoid (delay only) paying taxes because when things do pick up how will you pay back tax and current tax?

I can't be bothered looking it up to see how/if it works and what insane criteria you'd need to meet to go with the scheme ... yet...

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Is this end of month date for everyone?

So at the end of this month the taxman could have another massive blackhole if enough people haven't got the money to pay.

It seems that at the end of the month we'll have a good gauge of how well the economy is doing. Emergency budget by Sept if payment is really poor.

It will be interesting to see what govt borrowing is over the next 3 months. I'm expecting the figures to be increasing which will blow a hole in Darlings predictions, meaning we'll be borrowing a lot more than the £175bn predicted in the budget.

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Most of these payments on account will be extrapolations of figures submitted in 2007 accounts. Once a full set of accounts are submitted for 2008 by Jan 2010, when things had actually started to go really bad, my guess is HMRC will be the ones dragging their feet in paying most of the money paid on account back.

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I've heard they are advising people to take out loans to pay them...

Is that sarcasm, please tell me it is and that this isn't govt advice?

If your being serious how does one turn up at the bank and present a business case for them lending you money to pay your tax bill?

Anyone on here resorting to this intelligent method to pay off your tax debt.

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Yes carry on paying like good obedient citizens so they can hand over your money to their bankster friends, buy porn flicks for themselves & continue illegal wars by bombing the fck out of innocent kids.

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im still waiting for the tax man to pay me back the over paid tax i have paid, my claim went in beginning of April, and they still havnt look at it citing " april is our busiest time and we have a new computer system meaning that its all done by hand and on paper"

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Is this end of month date for everyone?

Yes, it's the self assesment 2nd Payment on account date.

Basically you pay them based on what you earned the year before because that's what they expect you to earn this year. If your earning drop you can apply to reduce the amount. If you reduce the amount too much and your tax bill is higher, they fine you !!!! If you've earned that cash though...you gotta pay.

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Is that sarcasm, please tell me it is and that this isn't govt advice?

If your being serious how does one turn up at the bank and present a business case for them lending you money to pay your tax bill?

Anyone on here resorting to this intelligent method to pay off your tax debt.

Not sarcasm, actual Gov tax advice, given out over the phone in the last couple of weeks to someone I know.

Can you take out a loan?

What Assets do you have?

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Made me think though...anyone struggling to find the cash to pay their self assement tax bill ?

I know one contractor that is in dire straights and has no money to pay.

They seemed to struggle to pay my rebate back in May.

As for a contractor, how the **** does someone with *** all business costs get into that kind of trouble? A company who has to invest in expensive kit and pay staff and rent is one thing, but a contractor has no such excuse!

(asterisks mine, not the censor's)

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I've heard they are advising people to take out loans to pay them...

Interesting if verifiable, what source please?

On the OPs Question:

I put 50% of the value of all my invoices into a completely seperate account and don't touch it. I treat it as though I paid it at source like PAYE. That money is gone as far as i'm concerned I know too many people who have treated it like a loan to themselves, unfortunately it is one that has to be paid in full on a hard deadline.

Of course the bill is never 50% but savings is savings.

[sole trader, occasional IT consulting]

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Yes carry on paying like good obedient citizens so they can hand over your money to their bankster friends, buy porn flicks for themselves & continue illegal wars by bombing the fck out of innocent kids.

Hey, that's a seperate thread really...has anyone decided not to pay, or fiddle the figures down this year as they are so skint ?

On the OPs Question:

I put 50% of the value of all my invoices into a completely seperate account and don't touch it. I treat it as though I paid it at source like PAYE. That money is gone as far as i'm concerned I know too many people who have treated it like a loan to themselves, unfortunately it is one that has to be paid in full on a hard deadline.

I do too, very sensible. Dont spoend the tax and especially, dont spend the VAT. The tax man is a b*****d but the VAT man will cut you ******** off if you spend his money!!!!

Edited by TheCountOfNowhere

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Is that sarcasm, please tell me it is and that this isn't govt advice?

If your being serious how does one turn up at the bank and present a business case for them lending you money to pay your tax bill?

Anyone on here resorting to this intelligent method to pay off your tax debt.

yes - don`t make a profit - no tax to pay - isn`t this what everybody does ????

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im still waiting for the tax man to pay me back the over paid tax i have paid, my claim went in beginning of April, and they still havnt look at it citing " april is our busiest time and we have a new computer system meaning that its all done by hand and on paper"

Did you explicitly ask for a rebate?

If you didn't, they might plan to adjust your next-year's tax code (give you a higher tax-free allowance) instead.

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Yes carry on paying like good obedient citizens so they can hand over your money to their bankster friends, buy porn flicks for themselves & continue illegal wars by bombing the fck out of innocent kids.

You show me a way of not paying these idiots which does not put me and my family at risk and I'll be first in the queue.

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Guest sillybear2

That's what credit card cheques are for ;)

I guess many are now on Pay As You Don't Earn.

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You show me a way of not paying these idiots which does not put me and my family at risk and I'll be first in the queue.

Since tax is now split fairly evenly between "income tax" and "national insurance" for the typical taxpayer, there are two separate goals.

Income tax is fairly simple to eliminate (or near-eliminate): see http://bahumbug.wordpress.com/2009/04/05/k...-taxman-at-bay/ (and note depending on circumstances, that these could make it worthwhile to take out a personal loan, repayable from the tax rebate).

National Insurance depends on your circumstances. When I was my own boss, I was able to keep that down by leaving money in the company and taking money as dividends. Now alas, I'm on PAYE for everything-but-trivialities, and I'd love to hear of any way to reduce NI on that.

My NI last year was about 7-8 times higher than my "income tax". Grrr ...

On a philosophical note, I regard it as my strong duty to humanity and to my country to ensure my money goes to better places than HM treasury.

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Did you explicitly ask for a rebate?

If you didn't, they might plan to adjust your next-year's tax code (give you a higher tax-free allowance) instead.

yes, they adjusted my tax code there and then, and had my "file" sent of to be assessed, i phone up once a month to see whats going on and i get the same line that they are very busy, new computer system, having to do it by hand, will be looked at soon, they agree in principal i have over paid but it needs checking etc

its not hard IMO, i have been fully employed for the last 13 years, the last 5 with one employer, and i've over paid for the last 4, my company does all the accounts i dont so it should be relitivly straight forward, there is no weird stuff like claiming benifits etc, it was just my tax code has been wrong since April 2005

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Hey, that's a seperate thread really...has anyone decided not to pay, or fiddle the figures down this year as they are so skint ?

I do too, very sensible. Dont spoend the tax and especially, dont spend the VAT. The tax man is a b*****d but the VAT man will cut you ******** off if you spend his money!!!!

Trouble is that these days the departments are combined and have the powers of the VAT man. The VAT man's powers stem from the days when the Customs would gallop across the country chaseing smugglers and bootleggers.

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Most of these payments on account will be extrapolations of figures submitted in 2007 accounts. Once a full set of accounts are submitted for 2008 by Jan 2010, when things had actually started to go really bad, my guess is HMRC will be the ones dragging their feet in paying most of the money paid on account back.

Leaving aside the self-employed, I think the real tax shortfall will start in October and it won't be a PAYE problem but one of Corporation Tax.

The most widely used financial year-end for companies is December 31st.

This means CT due on any years profit has to paid to HMRC before 1st October (9 months from year end).

Of course, there are thousands of companies that have dates for year-ends other then 31/12 but I

expect tax revenue will be hit hard come October.

To add insult to injury, there will also be a plethora of companies registering losses in 2008 which will

actually claim CT tax back to compound the problem.

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