No income tax for two years No income tax for two years
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    Default No income tax for two years

    Just got a massive tax rebate. Enough to pay my tax for two years.



    That's what happens when you pay on account and your income halves!
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    Quote Originally Posted by NotAllThere View Post
    Just got a massive tax rebate. Enough to pay my tax for two years.



    That's what happens when you pay on account and your income halves!
    Glad you're receiving help in your time of need.
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    Quote Originally Posted by Zigenare View Post
    Glad you're receiving help in your time of need.
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    Quote Originally Posted by NotAllThere View Post
    Just got a massive tax rebate. Enough to pay my tax for two years.



    That's what happens when you pay on account and your income halves!
    It's not a rebate. They're just returning what is already rightfully yours and should never have been paid in the first place. I hope they gave you interest.

    This whole Payment on Account idea stinks like a Minority Report pile of crap.

    How can anyone accept that taxing as-yet unearned future income is a good idea? How did HMRC ever get that past the slackers in Parliament - or actually, no, that's an easy one to answer.

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    Quote Originally Posted by ChimpMaster View Post
    It's not a rebate. They're just returning what is already rightfully yours and should never have been paid in the first place. I hope they gave you interest.

    This whole Payment on Account idea stinks like a Minority Report pile of crap.

    How can anyone accept that taxing as-yet unearned future income is a good idea? How did HMRC ever get that past the slackers in Parliament - or actually, no, that's an easy one to answer.
    WHS
    its a fine example of daylight robbery where you have to pay 2 years of tax instead of one year. I can afford to pay but how do people who are already struggling financially cope with this.

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    Quote Originally Posted by Andy2 View Post
    WHS
    its a fine example of daylight robbery where you have to pay 2 years of tax instead of one year. I can afford to pay but how do people who are already struggling financially cope with this.
    You can submit your tax return to state that your next year's earnings are not expected to be as high as the previous years and reduce/remove your payments on account.

    Of course, if you turn out to be wrong, you pay interest on the payment on account you would have paid.

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    Quote Originally Posted by Paralytic View Post
    You can submit your tax return to state that your next year's earnings are not expected to be as high as the previous years and reduce/remove your payments on account.

    Of course, if you turn out to be wrong, you pay interest on the payment on account you would have paid.
    My very first accountant kept telling me to remove payments on account and one year it caught up with me and I ended up paying interest (but fortunately no penalities). They gave me the impression that PoA was optional and could be removed, not that it was mandatory!

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    Quote Originally Posted by ladymuck View Post
    My very first accountant kept telling me to remove payments on account and one year it caught up with me and I ended up paying interest (but fortunately no penalities). They gave me the impression that PoA was optional and could be removed, not that it was mandatory!
    I vaguely recall a rule a few years back that if your tax due was over £1,000 then you would have to pay on account? I had a large overpayment one year of about £7k.

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