The Wilsons - 875 buy to let property empire

Dithering_Dad

neverdespairgirl wrote: »

Not necessarily, though.

My "year end" is 30th April each year. So next January, I will pay 150% of my tax liability for the tax year ending 5th April 2007, not 2008.

This doesn't sound right - are you talking about self assessment for personal taxation or are you talking about business taxation?

For self assessment, the previous tax year ran from 6th April 2007 to 5th April 2008. Soon after the end of the tax year you are sent a request from the revenue to submit a tax return (self assess). If you were sent a notice to complete a tax return by 31 October, then you must pay HMRC any balance of any tax you owe by 31 January.

This is also the date by which you may be asked to make any first 'payment on account' for the current tax year. For example, on 31 January 2009 you may have to pay both of the following:

• the balance of tax owing for the year 6th April 2007 - 5th April 2008
• the first 'payment on account' for 6th April 2008 - 5th April 2009

I got the above from http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/SelfAssessmentYourTaxReturn/DG_10014904

PasturesNew

I know I paid up front for the first time this year.
Some rule I didn't know about, where my self-employment was greater than X% of my entire income.

So I got an unexpected letter after I filled out and returned my 2006-2007 assessment (completed in January 2007). The letter basically said "OK, so you have paid us for 2006-2007, but you now need to pay the 2007-2008 in stages and you owe 1/2 of that now, rest in July 2008). Which would have meant that I was paying 2007-2008 in advance. I couldn't be dealing with bits and pieces all over the place, so I settled 2007-2008 in full immediately. I'd always rather be ahead than behind.

neverdespairgirl

Dithering_Dad wrote: »

For self assessment, the previous tax year ran from 6th April 2007 to 5th April 2008. Soon after the end of the tax year you are sent a request from the revenue to submit a tax return (self assess). If you were sent a notice to complete a tax return by 31 October, then you must pay HMRC any balance of any tax you owe by 31 January.

In my case (and most barristers) we have our own accounting years. It's wise to have the accounting year ending just after the tax year - I think most of hte barristers in my Chambers have accounting years ending at the end of April.

So the accounting year on which you pay tax is the one which had finished by 5th April the previous year. So next January, my tax return will be for the period finsihing 30th April 2007, and in January 2010, for the year finishing 30th April 2008.

GDB2222

neverdespairgirl wrote: »

I've replaced it with two ickle wickle cutsie fluffy kitties, you mean?

I think your perception depends on whether you are bigger or smaller than them.

neverdespairgirl

I am imagining you are bigger (-:

GDB2222

I was identifying for a moment with their prey. Evil-minded creatures, cats. I say that even though we've had several of them.

PasturesNew

Kitties are cute and fluffy.
They're lovely.
I'd have kitties if I could.

tomstickland

Can anyone update me on the original content of the thread? How are the Wilsons doing?

carolt

Oh no. I was enjoying the kittens conversation.

Or recipes, anyone?

experience08

neverdespairgirl wrote: »

What's wrong with changing it?

Nothing wrong with changing it....just the old one looked so dainty.