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Paying tax return
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Posts: 1,289 Forumite

in Cutting tax
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.
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.
:wave: Smile, you only get one life, LIVE IT.
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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...0 -
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...I'm an Investment Manager. Any comments I make on this board should be not be construed as advice, and are for general information purposes only.0
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ok thanks that even's out the answers then lol.:wave: Smile, you only get one life, LIVE IT.0
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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...0 -
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!!0 -
- 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#6If you want to test the depth of the water .........don't use both feet !0 -
Thank you for your reply and for the link. I missed that bit on the revenue site!0
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