Spending HMRC's money

[d000hg]

I agree. HMRC's money is not mine and I treat it as such, it goes straight into a separate acct.

But, if you got in a situation where you needed money that you didn't have except in the "HMRC account" - what would you do? Say medical bills or something important.

[craig1]

But, if you got in a situation where you needed money that you didn't have except in the "HMRC account" - what would you do? Say medical bills or something important.

If my warchest went missing into the great banking Ponzi scheme at the same time as I had a major unavoidable expense, I'd break out the couple of credit cards I have with high credit limits. I think if needed I can spend about £40k on the cards without having to break open the piggy banks of my share accounts. They're the cards I use to pay for my travel then pay off instantly to keep them "alive" on the credit card company's system and not closed. I think of them as my emergency reserve that I hope never to have to use to pay essentials.

I've always been of the opinion that if you can't afford to contract with the occasional benching then you shouldn't be voluntarily contracting. I accept there are some contracting because they simply couldn't get another job and for them I'll make an exception to my rule... as long as they make an effort to build a warchest if they intend to keep contracting!

[PAH]

But, if you got in a situation where you needed money that you didn't have except in the "HMRC account" - what would you do? Say medical bills or something important.

I'd tell HMRC to swivel. They'll then send letters threatening "distraint", which means they'll send the boys round for your stuff.

So it pays to have a storage container of all your old tat set aside for any bailiff visits.

You can always put an 'imported from China' sticker on the container and flog it to MF if it's not needed to appease the thugs of government.

[Scrag Meister]

Yes, they will even pay you interest (0.5% springs to mind) which is a great deal if you're one of the lazy majority who keep it in a business current account.

Even my business deposit account pays some dire rate at the moment.

But most years I get a few quid back from HMRC for early CT payment.

Its not theres until the payment is due, so if you think you can make the money back by the time you have to pay it I see no problem in spending it

I'd never personally try this but WHS, imho.

Until the money is due you can use it, but it had better be available when the YE accounts are done and HMRC want there 20%.

[sasguru]

Despite the image I may, may not have portrayed on here, I'm good at what I do and have made lots of valuable contacts.

So you're saying not an obnoxious cock with the mind of a teenager?