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Anyone else had a nasty surpise in today's post?

(14 Posts)
zookeeper Thu 03-Jul-08 13:28:16

Just had a demand for £929 which is apparently a 2nd payment on acount for the year 07/08 - thought i'd paid all my tax on 31 Jan.

What's that all about?

sitdownpleasegeorge Thu 03-Jul-08 13:42:47

You need to get an accountant to remind you about your schedule of tax payments if you have amnesia over such matters.

zookeeper Thu 03-Jul-08 16:09:40

very helpful thanks

MsDemeanor Thu 03-Jul-08 16:11:31

It's a nightmare! You just get one lot paid and there's another demand. YOu pay in advance in two installments I'm afraid - Jan and July. You should pay the money by 31st of July. If you don't you start paying interest, leave it too long and they come after you with menaces!

jenniebee Thu 03-Jul-08 16:19:23

Not demanding money but had a letter from bank <feels sick> stating that overdraught has been withdrawn which i am living on at the mo whilst on maternity. VERY scared to tell DH!

jenniebee Thu 03-Jul-08 16:21:14

Sorry just read thread properly,<hanging my head in shame> not freelance/self employed.

MsDemeanor Thu 03-Jul-08 16:31:46

It's OK, I think the feeling is very similar. Ring the bank now nd ask why it has been withdrawn. Decisions are rarely final.

jenniebee Thu 03-Jul-08 16:34:38

I've been going over it, only by £15/20 a month so i know why they have withdrawn it. just makes me mad that they still let payments go through when i'm close to going over. Roll on september when i go back to work!

MsDemeanor Thu 03-Jul-08 16:48:22

Then ring and ask for it to be extended so you aren't going over it. Explain you are back at work in September. They might say no, but they might say yes.

jenniebee Thu 03-Jul-08 16:52:17

Think i'll go in tommorrow and ask. it might be harder for them to say no to my face!thanks for advice!

Pheebe Wed 09-Jul-08 21:29:37

Apparently (and I haven't yet confirmed this) I was told by a colleague who is also freelance yesterday that although the IR request payment in advance they cannot legally insist you pay in advance because effectively what they're asking you to do is pay tax on monies you haven't earnt yet shock

Of course you have to pay your tax for the previous year and any balancing payments though

Am definitely going to check that out although tbh I'd rather be in credit than rock the boat...

TracyK Thu 10-Jul-08 10:53:32

Tis better to overpay than be landed with a huge bill to pay all at once at the end of Jan imo.

I've overpaid mine cos their estimate was only £300 as my first 'year' was only really 3 months. I was soo tempted to keep the money and only pay the £300 - but I know I'd regret it come Jan when I'd have to find £4k.

TracyK Thu 10-Jul-08 11:14:42

bugger - just realised my Capital One 0% transfer ends on 1st August - have to find £8k to pay it off.

I did say I wanted to clear it and not do another trf as it just delays the day - but may have to - 1st Aug is so close!

DaddyJ Thu 10-Jul-08 11:19:58

Yes, me too. Got to pay a four figure sum by the end of this month.

They tell you about it beforehand, though, and if you think your earnings for the coming year are less than what they have estimated,
you can reduce the amount you pay.

In my case their estimate is pretty accurate so no complaints.

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