Reduce interest by delaying tax payment

[Tilamok]

Hi could someone please help me on this.

I have an offset mortgage with the One Account.

I am a contractor and I'm gonna set up a limited company in the next few weeks. I've been asked when I wish to pay my tax to hmrc. I'm guessing that I can pay the tax at the latest next January.

So instead of the tax sitting in my company account, can I just put it (until next January) in my offset mortgage account to effectively reduce my interest payments?

Thanks

[threaded]

The money in your company belongs to your company, not to you.

If you can't work out the rest from that statement, then before you get yourself in serious trouble, find a nice old accountant who can spare the time to talk to you about being in business and what it means.

[NotAllThere]

Go search Accounting/Legal - the question has been asked and answered again and again and again.

[PM-Junkie]

...or better still, go find a dictionary and look up the words "embezzlement" and "fraud".

[HairyArsedBloke]

Don't listen to them; they are having you on.

You can do what you like with the money. You could even blow the whole lot down the bookies and the T-man will just say "Stuff happens" and let you off.

[AtW]

go find a dictionary and look up the words "embezzlement" and "fraud".

But if you are an MP then those rules don't apply to you...

[Cyberman]

Don't listen to them; they are having you on.

You can do what you like with the money. You could even blow the whole lot down the bookies and the T-man will just say "Stuff happens" and let you off.

I think that only applies if you are an MP.