Enough already! I think we have Ken Clarke (chancellor when Self Assessment was introduced) to thank for this gem. Tax me on money I haven't earned and probably won't but you think I might, why don't you?
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Originally posted by thunderlizard View Post
I recently had over £3k refunded because I don`t have to pay anything up front for next year
. Only took £35k out of co last taxmyear just in case I was out of work this year for a while.
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It comes as a bit of a shock the first time when you have to pay two years' worth of tax in the space of six months but then you are really are only paying the tax at roughly the same time as you recieve the income which is the same as everybody else.
My accountant told me to put aside 25% of every dividend I paid myself and this would more than cover the tax bills. Of course I used to do that.
If your income has gone down you can send in a form to HMRC to reduce the payment on account. Woe betide you if you get that wrong though.
Its really not that bad.Comment
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