Self Assessment - not enough money to pay? Self Assessment - not enough money to pay?
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    Default Self Assessment - not enough money to pay?

    Do you normally take divvies out of your company to pay your Self Assesment bill?
    Or are you more organised than that, putting money aside in your personal bank account?

    Has anyone ever not had enough money to pay? What did you do?
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    Quote Originally Posted by SallyAnne View Post
    Has anyone ever not had enough money to pay? What did you do?
    I'll tell you in February

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    Quote Originally Posted by SallyAnne View Post
    Do you normally take divvies out of your company to pay your Self Assesment bill?
    Or are you more organised than that, putting money aside in your personal bank account?

    Has anyone ever not had enough money to pay? What did you do?
    Go to prison?

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    Quote Originally Posted by SallyAnne View Post
    Do you normally take divvies out of your company to pay your Self Assesment bill?
    Or are you more organised than that, putting money aside in your personal bank account?

    Has anyone ever not had enough money to pay? What did you do?
    Get a pay day loan.

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    "We should all pay more tax".
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    Quote Originally Posted by SallyAnne View Post
    Do you normally take divvies out of your company to pay your Self Assesment bill?
    Or are you more organised than that, putting money aside in your personal bank account?

    Has anyone ever not had enough money to pay? What did you do?
    I always take the proportion of my Divi that will be due as personal tax and whack it in the offset savings account linked to the mortgage.
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    I had a directors loan that I forgot/ignored, I thought I would have to pay it back by December to cover the corporation tax bill but I now have next years tax in the account so no need.

    I think I'm ok as long as I put it back in the business account for year end accounts, I can always borrow it back again.

    Is this normal practice or am I being reckless and naïve?
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    Take it off the offset mortgage to pay the bill.

    That said, it's never been too high - just don't work as much, it will increase your quality of life and decrease your tax bill.

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    Quote Originally Posted by SallyAnne View Post
    Do you normally take divvies out of your company to pay your Self Assesment bill?
    Or are you more organised than that, putting money aside in your personal bank account?

    Has anyone ever not had enough money to pay? What did you do?
    I tend to keep a sort of running total in my head, whats coming in, whats going out. So I might have 11k in my current account right now, but I know that I actually only have £500 spare.
    £1k tax in Jan
    £3.5k ISA
    £5k dole provision
    £1k living exies for one month

    tax bills covered at least 6 months in advance

    Have never been in the clag so far, lucky ,lucky ,lucky.


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    Quote Originally Posted by SallyAnne View Post
    Do you normally take divvies out of your company to pay your Self Assesment bill?
    Not anymore - have it in a savings account.

    Or are you more organised than that, putting money aside in your personal bank account?
    I refer the lady to the answer I gave moments ago.

    Has anyone ever not had enough money to pay? What did you do?
    Stopped drinking and sorted my life out.

    Every divi I pay is split. 60% to me 40% to the 'tax' savings account. Come Hector's payday I give him his pound of flesh and usually there is a little tickle left over for me.

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    Quote Originally Posted by SallyAnne View Post
    Do you normally take divvies out of your company to pay your Self Assesment bill?
    Or are you more organised than that, putting money aside in your personal bank account?

    Has anyone ever not had enough money to pay? What did you do?
    Why dont you get an accountant? I pay all my taxs quartely VAT/Inc Tax/NI just Corp tax annually. Also Dividends should be paid after tax is deducted.

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