I just received my personal tax 2010/11 breakdown from my accountant and I noticed that on top of the usual tax I pay on dividend and income tax there were two additional amounts the first to be paid before Jan 31 and the 2nd before July 31, both amounts were the same around £2500.
When I quizzed these two amounts, I was informed that these both were 'estimated income tax bills for the next future period 2011/12, rather like 'estimated gas bills' - apparently its calculated by dividing your actual tax owed for 2010/11, divided by 2 and then paid in two instalments over the course of a year.
I don't know about you but I thought HMRC and tax payments were meant to be more precise than this, I know I'll get the tax back if I have overpaid in the future but Gordon Bennet this is no way to formally ask for money not owed - this should not be happening !!
I guess it's a ploy to get money upfront by HMRC just in case you decide to run off at the end of the year and not pay your personal income tax but what about people who just don't have that money that is not owed in the first place ???
its just so wierd.
When I quizzed these two amounts, I was informed that these both were 'estimated income tax bills for the next future period 2011/12, rather like 'estimated gas bills' - apparently its calculated by dividing your actual tax owed for 2010/11, divided by 2 and then paid in two instalments over the course of a year.
I don't know about you but I thought HMRC and tax payments were meant to be more precise than this, I know I'll get the tax back if I have overpaid in the future but Gordon Bennet this is no way to formally ask for money not owed - this should not be happening !!
I guess it's a ploy to get money upfront by HMRC just in case you decide to run off at the end of the year and not pay your personal income tax but what about people who just don't have that money that is not owed in the first place ???
its just so wierd.
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