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Paying tax return

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-1-
-1- Posts: 1,289 Forumite
1,000 Posts Combo Breaker
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.
:wave: Smile, you only get one life, LIVE IT.

Comments

  • 110frankie
    110frankie Posts: 415 Forumite
    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
    Chrismaths Posts: 931 Forumite
    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.
  • -1-
    -1- Posts: 1,289 Forumite
    1,000 Posts Combo Breaker
    ok thanks that even's out the answers then lol.
    :wave: Smile, you only get one life, LIVE IT.
  • Cook_County
    Cook_County Posts: 3,092 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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...
  • 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
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    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
    If you want to test the depth of the water .........don't use both feet !
  • Thank you for your reply and for the link. I missed that bit on the revenue site!
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