Originally posted by Archangel
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Reply to: 5% interest, courtesy of HMRC
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Previously on "5% interest, courtesy of HMRC"
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If you pay the CT early (by bank transfer fro example) be sure to use the correct reference number (it changes every year). Otherwise they will credit the previous years CT account. then realise you've paid too much and send a refund cheque with no interest!
(don't ask how I know this )
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Originally posted by VectraMan View PostI got a small bit of interest credited to my PAYE account after I "overpaid". Actually I didn't overpay at all, it was the first payment of the year and they attributed it to the wrong tax year.
I think I only get 4.something% from Barclays, so the 5% for CT sounds good. Though I do like having the extra bank balance, even though I know I can't touch the money.
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I got a small bit of interest credited to my PAYE account after I "overpaid". Actually I didn't overpay at all, it was the first payment of the year and they attributed it to the wrong tax year.
I think I only get 4.something% from Barclays, so the 5% for CT sounds good. Though I do like having the extra bank balance, even though I know I can't touch the money.
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Originally posted by Moscow Mule View PostThese rates appear to follow the BoE base rate.
What happens if I pay now? Is the rate
a) locked in for the nine month period
or
b) calculated at the end of the period based on the rates over time?
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Originally posted by ASB View Post
What happens if I pay now? Is the rate
a) locked in for the nine month period
or
b) calculated at the end of the period based on the rates over time?
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We paiud our CT about 2 weeks early last year as it was due on 31st December and I was going away over Christmas and new year.
A couple of months later HMRC sent us a cheque for 30 quid
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has anyone got an HMRC link for this where it states that they pay interest for coughing-up early ?...
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Originally posted by MrRobin View PostOo.. interesting.. I get 0% in my account at the moment...
How do they pay this interest, in a refund? Is that refund then subject to CT? If you pay that early do you get another refund?
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Oo.. interesting.. I get 0% in my account at the moment...
How do they pay this interest, in a refund? Is that refund then subject to CT? If you pay that early do you get another refund?
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5% interest, courtesy of HMRC
Ok so a small number of companies have got better paying company bank accounts.
But for everyone else, if you pay your Corporation Tax bill early, then HMRC give you interest at the base rate. That's 5%. If you're getting say 3% in your normal account, then on a £20k bill, that's £260 for paying 8 months early. Not huge, but free money at no effort, so why not pay early.....
Of course the other alternative is to open a Northern Rock business bank account and get 5.48% AER on amounts over £10k all the time.Tags: None
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