Self assessment - have you paid up?

[Snarf]

self assessment deadline is next week.

How long until the "i didn't realise you had to pay tax yourself" posts start?

ive got to do what?!?!?!

[northernladyuk]

I have written correspondence from HMRC confirming I don't have to do any more self assessments. So naturally I expect the fines to arrive in a few months.

[Fred Bloggs]

How do you think us accountants feel. Spend all month knee deep in tax returns, then explaining to people that they’ve got a liability because of the rule changes - which we blogged, emailed, webinarred etc etc about, and then at the end of it having to cough up a few grand for your own liability. Sheesh.

I know. All these clients. Don't you just hate them. It would be a great job if only we didn't have clients to get in the way of everything.

[Hobosapien]

I must be doing mine wrong.

Last two years they've been paying me due to refund, with me being on minimum salary level as recommended by my accountant, to ensure the NI stamp counts towards state pension. Not sure how that works if they're refunding it back.

Oh well, that's what accountants are for, I don't need to know the ins/outs of their silly rules just that it's right.

Above was only possible as I've stayed below higher tax threshold and not drawn any divis since the new divi tax. I know that can't last.

[PerfectStorm]

I have written correspondence from HMRC confirming I don't have to do any more self assessments. So naturally I expect the fines to arrive in a few months.

I've been on the phone to them to correct their calculations, and in acknowledgement got a very stern letter saying that they'd consider fines if I got it wrong

Top lads.

[PerfectStorm]

Loser. I've done my returns but won't be paying until the very last second.

A good idea to hoard it for a while to get interest, but don't leave it so late you can't deal with any setbacks if your bank blocks the payment if they find it suspicious, or if you have daily payment limits and you need to spread it out!

[ladymuck]

A good idea to hoard it for a while to get interest, but don't leave it so late you can't deal with any setbacks if your bank blocks the payment if they find it suspicious, or if you have daily payment limits and you need to spread it out!

I have that issue with CT - my bank's payment limit is £10k so I always have to make more than one payment. One year I made the mistake of calling the bank to get them to make one payment for me so I could pay the rest via online banking and have it all arrive on the same day. £3.50 charge for something I can do for free by spreading it over two days.

Alternatively, I could phone them and ask to up the limit...

[SteelyDan]

A good idea to hoard it for a while to get interest

Really? What bank are you with?

Back on track, I reluctantly paid mine end of last week.

[SteelyDan]

I have that issue with CT - my bank's payment limit is £10k so I always have to make more than one payment. One year I made the mistake of calling the bank to get them to make one payment for me so I could pay the rest via online banking and have it all arrive on the same day. £3.50 charge for something I can do for free by spreading it over two days.

Alternatively, I could phone them and ask to up the limit...

Yep, paying over 2 days is fine owing to bank daily limits.