|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
Skippy
forum expert
United Kingdom
3290 Posts |
 Posted - 15 January 2010 : 13:09:36
|
I can quite believe that gettingoutofdebt - and the ones they do speak to don't always get an answer!
He couldn't tell my why I'd underpaid, but he could tell me that they think I'll be underpaying in the next tax year as well so reduced my tax code accordingly!
What other company could get away with taking money 'just in case'.
Anyway, sorry to hijack your post with my rant Debtrider!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
30 IPA payments made, 6 to go - the end is in sight! |
 |
|
|
debtrider
Junior Member
494 Posts |
Posted - 15 January 2010 : 14:27:08
|
Hi Skippy13. Don't worry as it is always good to hear problems others have had with the incompetent HRMC. Glad it's just not me.
In most cases it's probably not the staff at HRMC who are to blame. It's probably caused by poor staff training, and not really having enough resources to cope with all enquires.
Still never mind I will send them one more letter and sit back and wait.
Let you know how I get on.
debtrider
|
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 January 2010 : 15:03:20
|
Good luck. Our company accountant is going to look into my tax for me to see what he can work out, and if necessary I can then go back to HMRC - oh joy!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
30 IPA payments made, 6 to go - the end is in sight! |
|
|
|
debtrider
Junior Member
494 Posts |
Posted - 27 January 2010 : 11:04:46
|
Looks like my tax liability as been sorted out at last "I think" with the inland revenue. They phoned me yesterday at 8:30am and said I would not have to pay any tax for 2008/09 due to my bankruptcy. That's the good news, now for the bad. Based on my tax liability for 2008/09 I would have to pay on on account on Jan 31st 2010 and July 31st 2010. Anyone who does not understand what I am talking about, I will try and explain it as simple as possible, because I have difficulty in getting my head around it.
For self employed people any tax liability from the previous year will be charged again the following year in 2 installments. So in other words I am paying my tax in advance it's called payment on account.
I wish I could understand why this happens and if any experts out there can tell me then I would be very grateful.
If you earn less during the year then this payment on account can be refunded or deducted from your tax bill. You can also appeal against the payment on account if you think you are going to earn less for that tax year. The catch is though if you do appeal and lower your payment on account, and you end up earning the same as the previous tax year or more. Then HRMC will charge interest on any under payment.
See I have even confused myself now.
I Know these are the rules but I don't understand why we have to pay tax on money we have not even earned yet. This payment on account seems very unfair, but I am sure there is some logic behind it.
It's a good job I put my tax on to one side and I have the money to pay this "payment on account".
debtrider |
|
|
|
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
Tax after bankruptcy
