Originally posted by xoggoth
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Reply to: Tax Return 2006/7 -150% ??
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Previously on "Tax Return 2006/7 -150% ??"
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Originally posted by maxWhen the first increase takes affect, on 100k profit, it will be an extra 1k, so expect tax to pay to increase by 5%(not 50%).
Maybe you just made 50% for profit. Turnover up and expenses down?
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Assume he is referring to end of the small company relief in Jan 2006, not the extra hikes yet to come. My CT bill for y/e June 2006 was significantly higher than for similar previous years. The consolation is that it is money well spent, more pointless wars, more useless migrants, more pointless civil servants, more perks for MPs, more distribution to the feckless, more destruction of incentives, more donated to the EU, more...
PS They all need STABBING, all taxation is theft, all government is banditry.Last edited by xoggoth; 17 June 2007, 17:11.
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Originally posted by maxAre you sure the first 1p tax increase is affecting you already? You normally pay CT 9 months after your year end, so I can't work out how this could be impacting now.
Maybe I'm missing something.
When the first increase takes affect, on 100k profit, it will be an extra 1k, so expect tax to pay to increase by 5%(not 50%).
Maybe you just made 50% for profit. Turnover up and expenses down?
Check your previous annual report.
I asked the accountant why it was higher and he said it was due to the removal of the small company releif (or whatever it's called)
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Originally posted by fzbucksMy Corporation Tax was over double what last years was, my accountant said it was due to Brown getting rid of the tax relief for small businesses.
I thought it wouldn't make that much difference, seeing as my profit was much lower this year due to paying myself a higher salary.
Anyone else noticed a hike in the CT they've paid?
Maybe I'm missing something.
When the first increase takes affect, on 100k profit, it will be an extra 1k, so expect tax to pay to increase by 5%(not 50%).
Maybe you just made 50% for profit. Turnover up and expenses down?
Check your previous annual report.
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Originally posted by maximaUntil it finished and your earnings has not happened (end of March 2008). there is no tax. so this payment is a deposit in fact...
It does feel like you're hit hard in the first year though. If it really bothers you appeal it. All you've got to do is write a letter to the tax office (and accept the interest if it turns out it was really due). This is probably not a good time to mention the second payment on account is it?
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Originally posted by cojak'Fraid so.
They're not penalties, just 6 monthly tax payments.
i dont really see anything fair here...
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Originally posted by ASBYes. The assumption is that your higher rate tax for next year will be the same as this year and 50% of it is due Jan 2008 (which is not entirely unreasonable given it covers the 9 month from April 07-Jan 08. so you are not strictly paying in advance).
In this country you are intentionally groomed by state & big business to believe in things were nether existed. Sorry to spoil your weekend
P.S. Until it finished and your earnings has not happened (end of March 2008). there is no tax. so this payment is a deposit in fact...Last edited by maxima; 17 June 2007, 09:58.
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My Corporation Tax was over double what last years was, my accountant said it was due to Brown getting rid of the tax relief for small businesses.
I thought it wouldn't make that much difference, seeing as my profit was much lower this year due to paying myself a higher salary.
Anyone else noticed a hike in the CT they've paid?
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'Fraid so.
They're not penalties, just 6 monthly tax payments.
You should see my Outlook task reminders...
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Originally posted by maximaThis is my first after a full year of contracting. I filled IR online form (not submitted yet) and it says: tax due 9000, payment by Jan 2008. 13500!
Q: am I supposed to pay 100% of 206/7 tax and some 50% up top? Is it "projected" 2007/8 advance payment? Is it normal practice to pay tax in advance??
you can appeal it down to nil (or any other sum) but the interest will be payable if it turns out it was due.
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Are they late penalties?
Were you operating as Ltd, MSC, Self Emp, Sole Trader etc...
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Tax Return 2006/7 -150% ??
This is my first after a full year of contracting. I filled IR online form (not submitted yet) and it says: tax due 9000, payment by Jan 2008. 13500!
Q: am I supposed to pay 100% of 206/7 tax and some 50% up top? Is it "projected" 2007/8 advance payment? Is it normal practice to pay tax in advance??Tags: None
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