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

[Deleted User]

muppetry wrote: »

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.

I guess so, you can not pay a bank and theyll try and sue you for it but dont pay the government and your in prison for a very long time (despite real criminals not being! lol)

olly300

muppetry wrote: »

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.

I better go and stock up on bake beans, tin foil etc and improve some of my skills so I can barter with people. Cashless society here we come!

BoGoF

muppetry wrote: »

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.)

A certificate of tax deposit is totally different. Usually only used by people who are under investigation and 'buy' one of these to cover any potential liability. The tax rate is the rate of interest applied if the sum is set against tax due and the cash rate if it is encashed - not a good return on your money either way.