I want to overpay tax!!! In case of banking collapse

muppetry

May I overpay income tax?

Am self employed, with an account just for tax. Seems sensible in the current climate for me to give it to HMG rather than risk my bank collapsing! And would think HMG would jump at the offer!

Is this allowed?

[Deleted User]

Yes you can do that

But if your really concerned why not stick it in a government savings account the products listed under "nsandi" national savings and investments

dunstonh

i suggest you stock up on tin foil, water and baked beans whilst you are at it.

Cook_County

Its usually the best way to launder money too because HMRC don't undertake money laundering ID checks either...

muppetry

dunstonh wrote: »

i suggest you stock up on tin foil, water and baked beans whilst you are at it.

Got those already, thanks. Didn't need any advice for that decision!

Also stocking up on Premium Bonds.

BoGoF

Theoretically you can pay as much as you want to your Self Assessment account but you are aware you would not earn any interest on these sums so I see little point in doing this.

muppetry

BoGoF wrote: »

Theoretically you can pay as much as you want to your Self Assessment account but you are aware you would not earn any interest on these sums so I see little point in doing this.

After further investigation (actually my accountant just told me!): http://www.hmrc.gov.uk/howtopay/cert_tax_deposit.htm
says you do get interest! (There's a 'tax rate' of up to 4.75% and a 'cash rate' of up to 2.25%. Still exploring what is difference between these two rates.)

olly300

After further investigation (actually my accountant just told me!): http://www.hmrc.gov.uk/howtopay/cert_tax_deposit.htm
says you do get interest! (There's a 'tax rate' of up to 4.75% and a 'cash rate' of up to 2.25%. Still exploring what is difference between these two rates.)

I thought this thread was a joke

muppetry

olly300 wrote: »

I thought this thread was a joke

If the crisis gets worse and you lose your savings (only £31k is guaranteed by govt) then you still have to pay your creditors...and the one at the head of the queue is the tax man.

computerbar

Coo_County wrote: »

Its usually the best way to launder money too because HMRC don't undertake money laundering ID checks either...

:rotfl: good one.:rotfl:
just think about it.

computerbar

dunstonh wrote: »

i suggest you stock up on tin foil, water and baked beans whilst you are at it.

don't forget air freshners and bog rolls :rotfl::rotfl: