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  • FIRST POST
    • worriedDan
    • By worriedDan 20th Mar 17, 4:16 PM
    • 169Posts
    • 491Thanks
    worriedDan
    HMRC debt!!
    • #1
    • 20th Mar 17, 4:16 PM
    HMRC debt!! 20th Mar 17 at 4:16 PM
    So today I found out that on top of everything else, I underpaid £1200 tax last year!!!

    The hmrc adviser told me that nothing would happen until next April 2018 when they would adjust my tax code to pay back the underpayment over 3 years (2018-2021) so about £33 per month extra PAYE tax.

    I'm happy with that arrangement. Would you consider this an additional debt or would you just forget about it ??
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 20th Mar 17, 4:25 PM
    • 3,678 Posts
    • 6,619 Thanks
    enthusiasticsaver
    • #2
    • 20th Mar 17, 4:25 PM
    • #2
    • 20th Mar 17, 4:25 PM
    I would forget about it as it will be collected in your tax code. Just remember to adjust your budget going forward but if your plan works your debt should be around £24000 less than now so hopefully in the 30s.
    Debt and mortgage free and saving for early retirement
    • Arleen
    • By Arleen 20th Mar 17, 4:30 PM
    • 885 Posts
    • 659 Thanks
    Arleen
    • #3
    • 20th Mar 17, 4:30 PM
    • #3
    • 20th Mar 17, 4:30 PM
    It's a 0% debt (I imagine?) so as good as debt gets .
    • worriedDan
    • By worriedDan 20th Mar 17, 4:36 PM
    • 169 Posts
    • 491 Thanks
    worriedDan
    • #4
    • 20th Mar 17, 4:36 PM
    • #4
    • 20th Mar 17, 4:36 PM
    £240000 less debt sounds wonderful! Might be more like £22k after interest 😡
    • enthusiasticsaver
    • By enthusiasticsaver 20th Mar 17, 4:38 PM
    • 3,678 Posts
    • 6,619 Thanks
    enthusiasticsaver
    • #5
    • 20th Mar 17, 4:38 PM
    • #5
    • 20th Mar 17, 4:38 PM
    £22k less is still a massive achievement. Look out for opportunities to balance transfer to 0% cards as they start decreasing.
    Debt and mortgage free and saving for early retirement
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