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Reduce interest by delaying tax payment

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    Reduce interest by delaying tax payment

    Hi could someone please help me on this.

    I have an offset mortgage with the One Account.

    I am a contractor and I'm gonna set up a limited company in the next few weeks. I've been asked when I wish to pay my tax to hmrc. I'm guessing that I can pay the tax at the latest next January.

    So instead of the tax sitting in my company account, can I just put it (until next January) in my offset mortgage account to effectively reduce my interest payments?

    Thanks

    #2
    The money in your company belongs to your company, not to you.

    If you can't work out the rest from that statement, then before you get yourself in serious trouble, find a nice old accountant who can spare the time to talk to you about being in business and what it means.
    Insanity: repeating the same actions, but expecting different results.
    threadeds website, and here's my blog.

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      #3
      Go search Accounting/Legal - the question has been asked and answered again and again and again.
      Down with racism. Long live miscegenation!

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        #4
        ...or better still, go find a dictionary and look up the words "embezzlement" and "fraud".
        Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God? - Epicurus

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          #5
          Don't listen to them; they are having you on.

          You can do what you like with the money. You could even blow the whole lot down the bookies and the T-man will just say "Stuff happens" and let you off.
          How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.

          Follow me on Twitter - LinkedIn Profile - The HAB blog - New Blog: Mad Cameron
          Xeno points: +5 - Asperger rating: 36 - Paranoid Schizophrenic rating: 44%

          "We hang the petty thieves and appoint the great ones to high office" - Aesop

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            #6
            Originally posted by PM-Junkie View Post
            go find a dictionary and look up the words "embezzlement" and "fraud".
            But if you are an MP then those rules don't apply to you...

            Comment


              #7
              Originally posted by HairyArsedBloke View Post
              Don't listen to them; they are having you on.

              You can do what you like with the money. You could even blow the whole lot down the bookies and the T-man will just say "Stuff happens" and let you off.

              I think that only applies if you are an MP.

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