We always paid our yearly tax returns out of private pension divided into 6 installments. This year they refused to do it because “we make too much money”. We’re still lower rate tax payers and actually made less money this year than before.
Anybody is in the same istuation? To us it looks like government is desperate to raise more money, and fast. And it’s always harder to pay 50% in advance towards the next tax year because don’t really make much money and this extra is painful for us. Let’s just hope that we won’t have any urgent expensive repairs this month.
paid years tax in 6 instalments ? Never heard of that . Is it a company? I have always paid in 2 instalments as self employed. Paying the portion in advance has been in for a long time When you overpay I have got interest back as well
Payment of tax in six instalments on personal income is a new one for me too. I’ve been on self assessment for a most of my adult life and have only ever had the two instalments option as mentioned by Colin3. Tim_Ira must a special case?
There is an option right at the end of the self assessment process to reduce the amount you pay on account for the next year if you believe that you will make less money in that year.
What tax year is it? If your returns is for 2022/2023, you are meant to have completed your returns by October 2023 and the last day of your payment plus be January 30 , 2024.
Now from when you submitted your returns till the deadline of payment , you can make as many installments as you want.
If you are asked to pay all in one go, it suggested you may have passed your deadline of payment. So my question to you is what tax year is this?
exactly so I have just taken my books to the accountant who does it all online for me . Tells me the payment and the cheque has to be in the post before end of Jan
All previous years HRMC took payments from company pension in several installments. Now they won’t do it anymore. Looks like not a common thing if nobody has heard of it. The year is 22-23.
Thanks to all who replied.
Pay the HMRC dont make a fuss just do it, no discussion. If they audit you they will just fish around for stuff for months on end. Maybe find some small fault and fine you £1,000’s plus all the accountancy fees and your time. You get handed from person to person and you can never really get to grips on to anything, they will never say what they truly want. HMRC are a nasty vindictive lot. Even when you are honest and pay your tax and you make a small innocent mistake they will not set it aside. Their raison d’etre is to raise revenue by all means. Do not poke the bear