Tax - Self Assessment

[leaskovski]

Ok, so its that time of year where the deadline is looming.

Last year, I did the Mrs SA, and the outcome was £1 something or other, and I didn't pay it before the 31st of Jan, probably because I filed the return the night before. In this case, that amount just rolled over and the HMRC said it can be consumed in a PAYE code change because of its size, or something like that.

Now, roll on this year, I am having to fill in an SA for myself as well as her. I have just gone through my SA and my calculation comes out at £300 odd pounds.

Now, question, will the tax man want me to pay this before the 31st of Jan? Or is it just the submission before the 31st, and then payment later?

 

[George Hincapie]

Payment AFAIK.

My wife did hers and we have a £3.5K bill. Lovely

 

[Kemik]

Ok, so its that time of year where the deadline is looming.

Last year, I did the Mrs SA, and the outcome was £1 something or other, and I didn't pay it before the 31st of Jan, probably because I filed the return the night before. In this case, that amount just rolled over and the HMRC said it can be consumed in a PAYE code change because of its size, or something like that.

Now, roll on this year, I am having to fill in an SA for myself as well as her. I have just gone through my SA and my calculation comes out at £300 odd pounds.

Now, question, will the tax man want me to pay this before the 31st of Jan? Or is it just the submission before the 31st, and then payment later?

Make the payment and don't leave it until last minute!

 

[#Chri5#]

I do my SA and pay it straight after submitting the return - all online, print the confirmations in case HMRC ****-up and file them away.

 

[lsg1r]

Yep pay up straight after doing the forms is my usual approach too. If you don't pay the fine can be quite nasty.

Normally keep my 'tax' in a separate account during the year and any left overs is a nice little bonus at the beginning of the year

Bit more interesting this year with the changes to the base NI payments we need to pay.

 

[Cosimo]

I do my SA and pay it straight after submitting the return - all online, print the confirmations in case HMRC ****-up and file them away.

I submit before January but don't make the payment until then. Always keep a printed proof of any payment made.

 

[dannyjo22]

I do mine and then tick to reclaim through next years tax code, I owed £750 this year and just added it to my PAYE code.

 

[Selekt0r]

You can only get it bundled into next year's tax code if you submit your return before the end of December. If you leave it until January to submit your return you have to pay it all by 31st Jan.

 

[bloodiedathame]

I'd been putting this off, started this morning, thankfully it's easy enough. 5 self employed invoices, 1 contracted employment with an umbrella company and one full time employment. Could be worse.

 

[Stretch]

What happens if you make a loss on your self assessment?

 

[bloodiedathame]

You carry it over to the next year I think.

 

[platypus]

The wifes just paid her tax. 5 figures .

I know its the right amount but seeing that outgoing burns.

 

[bloodiedathame]

The wifes just paid her tax. 5 figures .

I know its the right amount but seeing that outgoing burns.

Was that including on account (the first half of next tax years advance)?

 

[platypus]

I'm not sure, she handles all the tax separately.

 

[Pestilence]

Ugh. Gotta do mine as well.

 

[Tuppy_Glossop]

Was that including on account (the first half of next tax years advance)?

Unless someone just started/is stopping SA then they will be paying for 12 months, six in arrears and six in advance. So those five figures should be for a year. I know because mine will be five figures too

Net contributor

 

[Voltar]

It's a pain to do, but get it done sooner rather than later and just pay it up.
Or if for some reason you don't have the sum saved be proactive to get a direct debit agreement set up as if you go to them on the last day they don't take as kind an approach.

Love money, hate tax.

 

[platypus]

It's a pain to do, but get it done sooner rather than later and just pay it up.
Or if for some reason you don't have the sum saved be proactive to get a direct debit agreement set up as if you go to them on the last day they don't take as kind an approach.

Yer the boss at least pays all tax straight into a separate account so makes things easier come tax time.

Might as well ask the question here since SE are more likely to be in the know...my wife gives up work in May, probably for a year (though we're not definite on this). Can she get exemption from having to pay Tax (on account is it?) as she's giving up work because of a baby? As I understand it she'll normally be expected to pay tax and then claim a rebate, but given that she's not going to be working thats going to have to come straight out of our savings otherwise. I really should spend more time getting involved but its mostly between her and her accountant, she doesn't have an answer for this though, yet.

 

[Freakbro]

Yes, there is a section that asks if you want to reduce your payments on account.

Just write the explanation in the box. Simples

Edit : Though, this is her 14/15 tax return, so the half again will be for the 15/16 tax year, that is nearly over anyway and she has been working. So I guess she would do this on the next return the 15/16 one (due Jan 17) and not pay half again for the 16/17 tax year....which by then you will have had the baby

 

[platypus]

Right sounds simple enough, but should that have gone on this year's tax return? Or does she just notify next year on the SA form and say she hasn't worked (since May, so pay the tax due for April).