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urget tax return help needed....how much??
jst gone througth my tax......worked it all out worked out 20% ect.......... i ow the tax office about £400 by 31st jan which i what i thouht, (havent submitted yet)...... i have just read somthing about a payment of account being may be due on the 31st jan, does this apply to me if i only owe £4oo tax? i am panicking theres no way i can find half of next years tax bill by the 31st jan as well as this £400
My tax bill last year was £58 so low too?
Can anyone help me????
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it goes on the amount of tax you have to pay for the year you are doing, but I thought it was when you got up towards a bill of about a £1000.
then you have to pay this year and half of the next and then other half in july, the up side is if you don't earn enough to use the payed in advance you get it back but that doesn't help you this year. It is a shock when it happens it did to me a few years ago.
You won't really know if you will have an in advance payment until you actually submit it, hope this helps
Cath
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I agree with Cathtee I think having to pay half for the next year only kicks on when you owe £1000 ish?
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Just submit the return and they will notify you what is due and when - I'm sure you won't have to pay last years and half of next years in advance - happened to me one year and it was a terrible shock - but was a lovely surprise the following year when I had paid more attention to ensuring I claimed for everything I was allowed to through my accounts and I got the advance money paid back as a lump sum.
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I owe less than £1000 but more than you and I do not have to pay anything on account so I think you should be fine.
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Why oh why do people leave sorting their tax return out until Dec or Jan???????
Do it when you are advised about it in April/May and then you will have all the information to hand and can work out how much you need to put aside each month towards the bill. All the stuff regarding payments in advance etc are then completely clear.
My advice with your query is to ring the tax office tomorrow and they will advise far more accurately than we can.
I'm not paranoid - the world IS out to get me!
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Originally Posted by
Daftbat
Why oh why do people leave sorting their tax return out until Dec or Jan???????
Do it when you are advised about it in April/May and then you will have all the information to hand and can work out how much you need to put aside each month towards the bill. All the stuff regarding payments in advance etc are then completely clear. My advice with your query is to ring the tax office tomorrow and they will advise far more accurately than we can.
Some like to live on their toes haha!
(I can sit here smug as mine is all done and even completed up until this month too!)
Once you hit £1000 you pay half for following year xx
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I don't earn enough from CM to have to worry about a high tax bill. I've always left it to the last minute
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