Payment on account

[MrMarkyMark]

Yeah

You can have it reduced if you have different plans for the current year (but you'd better be sure, otherwise you'll pay interest on any discrepancy).

Yep, exactly what my accountant advised. It was good tax planning to take a wedge last tax year, as long as you had "legitimately" it obviously .

Feeling rich on the bench, at the moment, for once.

Obviously extra chuffed as I haven't had to claim JSA

@ATW you obviously didn't get your Queens award for your knowledge of contractor tax

[AtW]

Service charges? New roof and a shed load of outside renovations planned?

Lady in bank asked whether I've made sure the bank details for transfer are not fraudsters, I said they were worse - tax office...

[OwlHoot]

Service charges? New roof and a shed load of outside renovations planned?

Look on the bright side though, once all that is done, your place will be worth more, as all those anticipated service charges won't come off the sale price.

[jamesbrown]

And if you get it wrong then I think you'd have to pay interest...

Yup, I mentioned that above. Requires some caution.

[AtW]

you can reduce or eliminate any payment on account if you have different plans for the current year (make sure you account for any dividend tax above the 5k zero-rated band).

And if you get it wrong then I think you'd have to pay interest...

[jamesbrown]

That did me too....

In the interests of war chest building I always paid myself the bare minimum, took a bit extra out last year, hit by payment on account, now I have to take more out and pay more tax so I can pay my tax in advance.

It's a catch 23 situation.

It's gonna get worse after Brexit....

There's no catch-22. Obviously, you probably should've known about this as a seasoned contractor (), but you can reduce or eliminate any payment on account if you have different plans for the current year (make sure you account for any dividend tax above the 5k zero-rated band).

[jamesbrown]

Yeah

You can have it reduced if you have different plans for the current year (but you'd better be sure, otherwise you'll pay interest on any discrepancy).

[AtW]

What??

He got paid for doing tulip all because he posts on CUK all day long - payment on account

HTH

[northernladuk]

I love payments on account too. My invoices paid by Friday of each week.

What??

[stek]

That did me too....

In the interests of war chest building I always paid myself the bare minimum, took a bit extra out last year, hit by payment on account, now I have to take more out and pay more tax so I can pay my tax in advance.

It's a catch 23 situation.

It's gonna get worse after Brexit....

[Hobosapien]

I love payments on account too. My invoices paid by Friday of each week.

[vetran]

Did the hooker charge you twice for one shag? I know, them Polish ...

no it was a surcharge on account of him being floppy. What they call the FLC fluffing forfeit.

[FatLazyContractor]

Did the hooker charge you twice for one shag? I know, them Polish ...

[DimPrawn]

Worth every penny.

[AtW]