Paying tax return

-1-

Do you pay as soon as you can or do you wait until January ?

I sent off my self assesment and put away the funds each month from my wage so i have the money ready to pay straight away.

I have now been advised to pay in January as if i pay now it "might" arouse suspicion as "no-one pays early". Just wondered if any of you do pay early ?.

Personally i'd just like to pay and get it out of the way until next years.

110frankie

I pay it as soon as I can. The tax people haven't the time or staff to get suspicious about anything. Luck of the draw applies.
And, anyway, I was ill one December, Jan, Feb, March and got fined. Appealed and "Heart attack, what's that got to do with us?"
So pay it and forget it...

Chrismaths

Wait till as late as poss - the Revenue don't give you a discount for paying early, so you might as well earn interest on the tax, rather than giving them an interest free loan...

-1-

ok thanks that even's out the answers then lol.

Cook_County

I have never heard that one; lots of folks pay early to save forgetting it about it nearer the time.

Of course you can earn interest on the money which a true MSE might well do; but this is up to you...

gep_2

Hi Folks

I too am about to pay my income tax and was wondering - Can I pay it on my credit card for the points/cashback and then pay it off in full at the end of the month or will this be classed as a cash withdrawal by the credit card company and interest charged accordingly?

Your thoughts please!!

Mikeyorks

gep wrote: »

- Can I pay it on my credit card for the points/cashback and then pay it off in full at the end of the month or will this be classed as a cash withdrawal

It's not a cash withdrawal ...... but it will cost you 1.25% ...... so is generally not a viable cashback option :-

http://www.hmrc.gov.uk/payinghmrc/selfassessment.htm#6

gep_2

Thank you for your reply and for the link. I missed that bit on the revenue site!