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“Underground Investors Summit”
June 16th & 17th,
2012
The Big Property Giveaway!
Followed by Parmdeep Vadesha’s
Farewell Party |  | Here’s some of the great
giveaways already lined up: - Contacts -
Meet investors, JV partners and other valuable contacts.
- Strategies –
I’ve put together the latest property strategies that
are currently pulling in killer profit and will be
revealing them all, along with a team of property
experts.
- Resources -
I’ve spent the past month pulling together my documents,
agreements, videos and audios that I will be making
available as part of the giveaway.
- Mentors -
I’ve invited the top UK property experts, as well as
some of my mentors to come along and network during the
event.
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23-12-2010, 09:44 PM
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| |  Self Assessed Tax - now charging tax in advance?
I've just had my tax return back from the accountants today. What is worrying is that I have 2 payments to make for my 2010/2011 tax return, figures that are based on my 2009/2010 earnings.
My question is, as I pay tax in arrears, why am I now being asked for tax based on 2009/2010 to be paid by 31/1/2011 and 31/7/2011?
I really don't understand it! What business has EVER made exactly the same amount each year, and why are the revenue now looking to extract money before the year end has happened in April 2011?
Has this happened to anyone else???
Cheers
Adam
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23-12-2010, 10:16 PM
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Hi Adam
Paying tax 'on account' based on the previous year's profits has been the system for about 12 years.
Colin Parker
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23-12-2010, 10:22 PM
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Adam - forgot to mention ...
The payment you make on account will be adjusted according to the following year's profit - meaning you could get a refund if your profit falls.
The system means the IR get tax up front and minimises their exposure to unpaid tax if a company folds.
Colin Parker
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23-12-2010, 10:46 PM
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Hi Colin,
Thanks for putting me right about that, much appreciated.
Kind regards,
Adam
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28-12-2010, 03:57 PM
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Adam
You can also ask to adjust (reduce) your payment on account - as long as its a large adjustment and for a good reason ie you are pregnant and will only work 3 months of the year (this excuse probably wont work for you!!), or maybe last years earnings were unusually high because you worked alot of overtime, or now you have a new lower paid job etc...
Regards, Debbie
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29-12-2010, 10:36 AM
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Hi Debbie,
I'll try that one with my accountant, I've put on a bit of a belly over Xmas so I must be pregnant! ;->
Cheers,
Adam
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