Mega Posted July 26, 2009 Share Posted July 26, 2009 http://www.independent.co.uk/news/business...mb-1761210.html In Sept its due. Mike Quote Link to comment Share on other sites More sharing options...
SNACR Posted July 26, 2009 Share Posted July 26, 2009 http://www.independent.co.uk/news/business...mb-1761210.htmlIn Sept its due. Mike Maybe, time to pay on PAYE is effectively government subsidy to keep people in jobs. What's better somone in a job or them paying someone benefits. There must be a big tipping point where if they push too many firms under by calling time on tax arrears they actually severely damage their own financial position through benefits payments. Quote Link to comment Share on other sites More sharing options...
Hip to be bear Posted July 26, 2009 Share Posted July 26, 2009 (edited) How many firms will have been deferring payments over the last 6 months in the hope of a quick recovery? If it doesn't arrive and you keep on putting off repayments of VAT, Corp tax and PAYE, at what point do the directors come to the conclusion that they have built up so much debt that they are unlikely to be able to ever pay it back. It would be more sensible to just stop trading and liquidate the company? Companies are not supposed to keep trading while insolvent. If they do I believe that the directors are either commiting an offence or become liable. How is this going to play out when their accountants do their next set of accounts? If a tipping point is reached it will have a massive impact on employment and the wider economy as many small companies cease to trade and leave a trail of bad debts behind them. The deleayed payments will become another form of taxpayer bailout that will never be repaid. Edited July 26, 2009 by Hip to be bear Quote Link to comment Share on other sites More sharing options...
Guest spp Posted July 26, 2009 Share Posted July 26, 2009 Everything seems to be pointing towards the autumn for the U.K/U.S. Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted July 26, 2009 Share Posted July 26, 2009 If your employer has withheld PAYE and NI payments under the scheme, then goes bust, wont you as the employee be liable for the tax? Quote Link to comment Share on other sites More sharing options...
SNACR Posted July 27, 2009 Share Posted July 27, 2009 If your employer has withheld PAYE and NI payments under the scheme, then goes bust, wont you as the employee be liable for the tax? No, but allow me to issue a public information post: 1) HMRC will write to you trying to get the money if your employer goes bust and hasn't paid your PAYE & NIC (scandalously they're often knowingly trying it on - they'll claim incompetence/ignorance, of course) 2)It is vitally important you keep pay slips and P60s. This is evidence you've paid and copies of which will prove to HMRC that you've paid tax and your NIC is up to date. The fact your employer didn't pass it on is HMRC's problem for its poor collection procedures. Quote Link to comment Share on other sites More sharing options...
The Ayatollah Buggeri Posted July 27, 2009 Share Posted July 27, 2009 2)It is vitally important you keep pay slips and P60s. Including keeping pay slips after you've had the P60 for the financial year they cover? I keep the pay slips until I get my P60, and then just keep the P60 as it records all the PAYE and NI paid in the financial year in a single document. Quote Link to comment Share on other sites More sharing options...
Guest anorthosite Posted July 27, 2009 Share Posted July 27, 2009 Everything seems to be pointing towards the autumn for the U.K/U.S. We said that last year around here as well Quote Link to comment Share on other sites More sharing options...
BlinkTooFast Posted July 27, 2009 Share Posted July 27, 2009 We said that last year around here as well Were correct then. I distinctly remember the spectacular stockmarket crashes Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted July 27, 2009 Share Posted July 27, 2009 Including keeping pay slips after you've had the P60 for the financial year they cover? I keep the pay slips until I get my P60, and then just keep the P60 as it records all the PAYE and NI paid in the financial year in a single document. I keep everything tax-related for seven years. You just never know. Quote Link to comment Share on other sites More sharing options...
moneyfornothing Posted July 27, 2009 Share Posted July 27, 2009 But we can always pretend and extend .. the next extension of the scheme should take it to after the elections as with all the other 'saving the world' solutions from Mugabrown so far Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 27, 2009 Share Posted July 27, 2009 Perhaps Brown will ask Mystic Merv to cover the shortfall. QE for tax NI contributions? Quote Link to comment Share on other sites More sharing options...
Minos Posted July 27, 2009 Share Posted July 27, 2009 I don't know why, but £3Bn just doesn't sound like a big number any more. Quote Link to comment Share on other sites More sharing options...
bkkandrew Posted July 27, 2009 Share Posted July 27, 2009 I don't know why, but £3Bn just doesn't sound like a big number any more. Yeah, they should just write it off and print the shortfall. Simples. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 27, 2009 Share Posted July 27, 2009 I don't know why, but £3Bn just doesn't sound like a big number any more. Yeah it's only like 0.3% of a trillion, I don't know what people are worried about. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.