Anyone else not done their tax return?
Discussion
Sitting here supposed to be filling out b*llshit forms (been PAYE for three years FFS), but just can`t be bothered.
At least I have a partial excuse as the local tax office is in Brighton and I wont be able to get near it until the Cheshire Cat, Johnny 5 bellies et al have boogered off and let the city get back to normal.
Steve
>>> Edited by towman on Tuesday 28th September 22:50
At least I have a partial excuse as the local tax office is in Brighton and I wont be able to get near it until the Cheshire Cat, Johnny 5 bellies et al have boogered off and let the city get back to normal.
Steve
>>> Edited by towman on Tuesday 28th September 22:50
Don't know why I'm telling you this --maybe you asked
Not sent one in for 5/6 years--got fined of course.
I'm now a fully paid up member of the IR club--but at the time it was the only way to go.
Doesn't help you I know but it saved me a bloody Kings Ransom.
Before you do--- dont ask.
The straight way is not the only way to go.
For you IR collectors out there I made this up
Not sent one in for 5/6 years--got fined of course.
I'm now a fully paid up member of the IR club--but at the time it was the only way to go.
Doesn't help you I know but it saved me a bloody Kings Ransom.
Before you do--- dont ask.
The straight way is not the only way to go.
For you IR collectors out there I made this up
ScoobyZoom said:
I did the last one online, this time I havent had one... weird...
From another thread
sheepy said:
Be careful if you fill on the on-line version, they assume that this means you'll never fill in a paper copy again, thus they don't bother to remind you to fill one in. It's only the few adverts about the September deadline that made me query my status with the Tax Office. Fortunately the on-line filing deadline is end of December!
Sheepy
Do it online again......er..................now just to be safe, although it's a Dec deadline for online as above
>> Edited by FourWheelDrift on Tuesday 28th September 23:19
trooper1212 said:
cheers FWD...
Cant remember any bloody passwords...
You can request new ones on the website. I have to do it every year as the reminder I get sent always says "use your login and password from last year". Like I'm going to remember.
Glad I'm not the only one who doesn't remember their "unique user ID" and "random password". Must get round to requesting my ID again (waiting until after 1st Oct so the paper-copy lot stop clogging the IR phones!). Sheepy
If you don't get it in by 30 September, you will have to calculate the liability itself. Also, if you don't get it in by 30 September, the Inland Revenue will not be able to amend the 2004/05 tax code to collect any liability or pay any tax refund. They may wait until the issueing of the 2005/06 tax codes (or, in some cases - 2006/07).
I always think it's better to work out your liability sooner rather than later. It's much more sensible to discover you have a £6,000 tax bill to pay on 31 January NOW rather than on 30 January.
I always think it's better to work out your liability sooner rather than later. It's much more sensible to discover you have a £6,000 tax bill to pay on 31 January NOW rather than on 30 January.
Will there be Payments on Account required for 2004/05? If the Self Assssment tax bill is mainly due to underpaid PAYE, then no Payments on Account are required. If not, on 31 January you may have to pay 50% of your 2003/04 bill ON TOP OF the 2003/04 liability itself (with a second Payment on Account due on 31 July 2005).
Erm....getting quickly out of my depth now....I don't think there will be any payments on account. I'm not self employed or anything. Basically I received a settlement from my previous employer that was taxed at source at the low rate. As I understand it I will be required to pay the difference between that and the high rate that should have been applied.
If you are just PAYE then it's a mistake to not have it already sent, as they are taking most people who supplied early forms and are just PAYE and sending them a letter saying not to bother from now on and they are OFF self-assessment.....I had this....bloody marvellous!!!
So your delay has just cost you another year of misery.
So your delay has just cost you another year of misery.
GreigM - dangerous and inaccurate I'm afraid. People who do not pay their correct tax liability automatically by deduction at source (that means through the PAYE system or through the various other "deduction at source" schemes run on such things as deposit interest, dividends etc)are likely to need to have to complete a self assessment tax return - especially if paying tax at the higher rate.
The point has been raised already on PH about the current Inland Revenue policy of advising people that they will not be sent a tax return in future.
THIS DOES NOT MEAN THAT YOU MAY NOT HAVE TO COMPLETE ONE.
Catretriever - it sounds like you may be off the hook regarding payments on account. The Inland Revenue's initial presumption is that Payments on Account are automatically due. However, there are four main circumstances when they are not due (or can be reduced).
If PAYE makes up more than 80% of your current tax liability.
If the Self Assessment tax bill for the year comes to £500 or less.
The item which caused the non-PAYE element of the Self Assessment tax bill has diminished or ceased altogether in the following tax bill.
The Self Assessment tax liability was due to a one off Capital Gain.
Your additional liability seems to be PAYE related and is also a one off so it looks like no Payments on Account will be due for 2004/05. Check if any calculations you make, especially using tax software, are adding a Payment on Account element into your bill due on 31 January 2005.
>> Edited by Eric Mc on Wednesday 29th September 08:49
The point has been raised already on PH about the current Inland Revenue policy of advising people that they will not be sent a tax return in future.
THIS DOES NOT MEAN THAT YOU MAY NOT HAVE TO COMPLETE ONE.
Catretriever - it sounds like you may be off the hook regarding payments on account. The Inland Revenue's initial presumption is that Payments on Account are automatically due. However, there are four main circumstances when they are not due (or can be reduced).
If PAYE makes up more than 80% of your current tax liability.
If the Self Assessment tax bill for the year comes to £500 or less.
The item which caused the non-PAYE element of the Self Assessment tax bill has diminished or ceased altogether in the following tax bill.
The Self Assessment tax liability was due to a one off Capital Gain.
Your additional liability seems to be PAYE related and is also a one off so it looks like no Payments on Account will be due for 2004/05. Check if any calculations you make, especially using tax software, are adding a Payment on Account element into your bill due on 31 January 2005.
>> Edited by Eric Mc on Wednesday 29th September 08:49
As I said, the assumption under Self Assessment is that, if you have a Self Assessment tax liability for (say) 2003/04, you will also have one for 2004/05. Obviously, predicting what the following year's tax bill MIGHT be is pretty difficult (impossible in some cases) so the Inland Revenue only ask you to make Payments on Account based on the previous year's bill. These Payments on Account are initially set at 50% of the previous year's tax bill. An example would be:
2003/04 Self Assessment Tax Liability - £4,000 (payable 31 January 2005)
2004/05 - 1st Payment on Account required - £2,000 (payable on 31 January 2005)
2004/05 - 2nd Payment on Account required - £2,000 (payable on 31 July 2005).
As you can see, 31 January 2005 would be a bit expensive with £6,000 having to be paid all at one go (£4,000 plus £2,000).
When the 2004/05 Self Assessment tax return is eventually completed and you find that the actual bill for 2004/05 comes to (say) £5,000, the scenario is as follows:
2004/05 - Self Assessment Tax Liability - £5,000
Paid on Account - 31 January 2004 - £2,000
Paid on Account - 31 July 2004 - £2,000
Balance due to clear 2004/05 Self Assessment tax liability - £1,000 (£5,000 less the two amounts of £2,000 already paid)
2005/06 - 1st Payment on Account 31 January 2005 - £2,500 (50% of £5,000) followed by a 2nd Payment on Account of £2,500 on 31 July 2005.
And so on.
As I said, if any of the Payment on Account exemption criteria come into play, they need not be paid or can be reduced. It is up to the tax payer to decide if this is the case. If the taxpayer incorrectly claims a rreduction or exemption from the Payments on Account, the Inland Revenue will charge interest from the due dates on the amounts underpaid.
2003/04 Self Assessment Tax Liability - £4,000 (payable 31 January 2005)
2004/05 - 1st Payment on Account required - £2,000 (payable on 31 January 2005)
2004/05 - 2nd Payment on Account required - £2,000 (payable on 31 July 2005).
As you can see, 31 January 2005 would be a bit expensive with £6,000 having to be paid all at one go (£4,000 plus £2,000).
When the 2004/05 Self Assessment tax return is eventually completed and you find that the actual bill for 2004/05 comes to (say) £5,000, the scenario is as follows:
2004/05 - Self Assessment Tax Liability - £5,000
Paid on Account - 31 January 2004 - £2,000
Paid on Account - 31 July 2004 - £2,000
Balance due to clear 2004/05 Self Assessment tax liability - £1,000 (£5,000 less the two amounts of £2,000 already paid)
2005/06 - 1st Payment on Account 31 January 2005 - £2,500 (50% of £5,000) followed by a 2nd Payment on Account of £2,500 on 31 July 2005.
And so on.
As I said, if any of the Payment on Account exemption criteria come into play, they need not be paid or can be reduced. It is up to the tax payer to decide if this is the case. If the taxpayer incorrectly claims a rreduction or exemption from the Payments on Account, the Inland Revenue will charge interest from the due dates on the amounts underpaid.
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