Submitting tax return - do you wait
Discussion
Hello all
Today being 6th April triggers my next tax return.
I was going to submit it today, but then thought unless the tax man owes me money, I should wait until Jan 23.
I have a few CASC relief payments to claim, but other than that I'm PAYE and paying 45% tax rate. (Of course, who wouldn't be on PH)
My paternity pay issue of last year messed with my tax code so I owe the half of the allowance I shouldn't have had. Thought it would have auto corrected.... But it's no issue, but if I wait, I'll have to pay the £3k in Jan instead of now
So the question is, do any of you wait or just get it done?
Today being 6th April triggers my next tax return.
I was going to submit it today, but then thought unless the tax man owes me money, I should wait until Jan 23.
I have a few CASC relief payments to claim, but other than that I'm PAYE and paying 45% tax rate. (Of course, who wouldn't be on PH)
My paternity pay issue of last year messed with my tax code so I owe the half of the allowance I shouldn't have had. Thought it would have auto corrected.... But it's no issue, but if I wait, I'll have to pay the £3k in Jan instead of now
So the question is, do any of you wait or just get it done?
I've just submitted mine, only so early because HMRC owe me this year (have opted for a payment this year rather than return via tax code) due to some tax code changes late last year. However I owe them from 20-21 (Being recovered by my tax code this year) so it all equals itself out there or thereabouts.
Looking to increase my pension contributions this year to try and reduce this years (22-23) bill.
Looking to increase my pension contributions this year to try and reduce this years (22-23) bill.
They always owe me as I'm an employee with straightforward tax affairs who wouldn't normally need to do a tax return except I want the higher rate tax back for my SIPP contributions so I do it asap, in fact I drafted it yesterday so as soon as I have my P60 I'll validate my figures and submit it.
Rockets7 said:
Probably sort it before the weekend. I don’t quite understand how they (new to me (soletrader)) are predicting what I’m going to earn this year. Does this mean if I’m under the estimate they’ll naturally pay back?
"They" aren't predicting anything. YOU are. It's not called "SELF Assessment for nothing). I presume you are talking about the Payments on Account which are based on the tax bill for the previous tax year. The assumption is that the next tax year liability will be roughly the same as the previous year. If you think your tax bill is going to be lower, you can reduce the Payments on Account to a more realistic level.
SunsetZed said:
They always owe me as I'm an employee with straightforward tax affairs who wouldn't normally need to do a tax return except I want the higher rate tax back for my SIPP contributions so I do it asap, in fact I drafted it yesterday so as soon as I have my P60 I'll validate my figures and submit it.
Jesus.. are you Ned flanders?Yep, already done and will claim back the cash next week (have to wait 72hours) I'm PAYE employee, so its just SIPP payments, gift aid, business expenses, work from home costs etc. I get tax relief monthly through tax code, but then due to variable bonuses/SIPP payments there is always some correction needed at year end.
Usually the tax man owes me £1-2k so it gives me an incentive to do the return ASAP.
Usually the tax man owes me £1-2k so it gives me an incentive to do the return ASAP.
Eric Mc said:
"They" aren't predicting anything. YOU are. It's not called "SELF Assessment for nothing).
I presume you are talking about the Payments on Account which are based on the tax bill for the previous tax year. The assumption is that the next tax year liability will be roughly the same as the previous year. If you think your tax bill is going to be lower, you can reduce the Payments on Account to a more realistic level.
Makes sense. Thankyou. I presume you are talking about the Payments on Account which are based on the tax bill for the previous tax year. The assumption is that the next tax year liability will be roughly the same as the previous year. If you think your tax bill is going to be lower, you can reduce the Payments on Account to a more realistic level.
I wait until January, though as I've had to pay some on account for this year I might do it earlier this time. Originally I waited for the S975 statements from the various building societies, but that isn't relevant any more. Now I think the only one I have to wait for is the Aegon statement showing tax stuff for my GIA, though it might be possible to get that on line if I look.
Alex Z said:
I always do mine ASAP, whether I owe money or am owed.
I’d prefer to have a clear view of the money in my bank being *mine* and dont want anything hanging over me.
Same here. If I didn't I'd be worrying about deadlines I've missed. If I do it now and pay any tax then it can be forgotten for another year.I’d prefer to have a clear view of the money in my bank being *mine* and dont want anything hanging over me.
PM3 said:
Only got potential CGT liabilities that I will be owing , so I'll get it all in the system and wait till way later in the year . I have set aside well over my calculated amount in savings , so no point to ante up now.
Or is there ?
Is it a property CGT? As if it is you don’t have until later in the year the timescale from the sale to paying in the CGT to HMRC is tight 30 or 60 days I believe. Or is there ?
Actually planning on doing mine soon. Only slight complication is dealing with some CGT on sale of shares in former employer (though I think actually sale price was less than I paid for all of them).
Apart from that, just need to face into how much I will owe them (bound to - I got a rebate last year!
).
About to start an additional salary sacrifice to start resolving my pitiful pension provision from my younger days (I know…), which will also have the benefit of dropping earnings down to the 40% rate again. I’m sick of paying so much tax….
Apart from that, just need to face into how much I will owe them (bound to - I got a rebate last year!
). About to start an additional salary sacrifice to start resolving my pitiful pension provision from my younger days (I know…), which will also have the benefit of dropping earnings down to the 40% rate again. I’m sick of paying so much tax….
bigmowley said:
I’ve absolutely no idea what you are all chatting about, it’s a mystery to me. My accountant does all that stuff.
As you were.
Everyone here either is an accountant or has an accountant. As you were.
So your accountant signs off on your tax return and you have no idea it’s happening?
You might want to get a new one.
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