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Given 3 months to pay 28k by HMRC
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la531983 said:EssexHebridean said:la531983 said:Three months takes us until Feb, you want to sell it in the spring. Surely by the time the 3 months is up the house will almost be on the market anyway?
https://taxaid.org.uk/
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I have just began self-employed work and I need to declare my tax. Sorry to hear about your bill hopefully you can set up a payment plan with them. I am going to do a self-assessment next week.1
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In this case HMRC could take the line that the OP has actively avoided paying the outstanding tax as they were in a position to pay but purchased another house instead. If they do then I would be worried that they may petition for bankruptcy.
https://taxaid.org.uk/guides/taxpayers/tax-debt/bankruptcy#:~:text=HMRC%20can%20petition%20for%20bankruptcy,10%25%20are%20petitioned%20by%20HMRC.
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DigSunPap said:I have just began self-employed work and I need to declare my tax. Sorry to hear about your bill hopefully you can set up a payment plan with them. I am going to do a self-assessment next week.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her5 -
EssexHebridean said:DigSunPap said:I have just began self-employed work and I need to declare my tax. Sorry to hear about your bill hopefully you can set up a payment plan with them. I am going to do a self-assessment next week.3
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EssexHebridean said:DigSunPap said:I have just began self-employed work and I need to declare my tax. Sorry to hear about your bill hopefully you can set up a payment plan with them. I am going to do a self-assessment next week.1
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Just a bit of a n update. I ended up calling HMRC and the person on the phone told me that some of the information given to me on this house call was incorrect. I CAN set up a payment plan as long as I make some sort of payment immediately. The 3 months threat was only if I didn't do anything at all, which is not what the person at the door told me. So I made a payment of 1k and set up a payment plan. The person on the phone was helpful and even asked what I could afford to pay monthly and set up a review in 6 months time. At least I am not panicking anymore, yes I still have to sort this out and I have an extra monthly payment that I need to cover on top of everything else. But I still intend to sell the house in spring and clear this debt completely.
Great advice about putting 20% of any income away. I need to make this a 'no exceptions' habit!5 -
threelegcat said:
A bit about my situation. I bought a house last year with some inheritance money, I am doing it up with the idea of selling in spring next year.1 -
threelegcat said:Just a bit of a n update. I ended up calling HMRC and the person on the phone told me that some of the information given to me on this house call was incorrect. I CAN set up a payment plan as long as I make some sort of payment immediately. The 3 months threat was only if I didn't do anything at all, which is not what the person at the door told me. So I made a payment of 1k and set up a payment plan. The person on the phone was helpful and even asked what I could afford to pay monthly and set up a review in 6 months time. At least I am not panicking anymore, yes I still have to sort this out and I have an extra monthly payment that I need to cover on top of everything else. But I still intend to sell the house in spring and clear this debt completely.
Great advice about putting 20% of any income away. I need to make this a 'no exceptions' habit!1 -
Good news on the payment plan. I also echo ESSEX H.
Every month I do a quick expenses of the month on paper (main categories such as office rent/bills/subscriptions plus any one-off items) and subtract that from income and then put the tax aside. I put my tax money in my premium bonds as I am taxed on my interest but otherwise a high interest acct works.
Note if you are SE once you are at the BR tax threshold you will be paying 20% tax + Class 4 NI of 9% so effectively 29% and at HR Class 4 is 2% so 42%
There are loads of SE calculators online
DON'T BUY STUFF (from Frugalwoods)
No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff. Money doesn’t walk out of your wallet on its own accord.
https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest1
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