Payment on Account question if under the PA

eskbanker

MetaPhysical said:

eskbanker said:

MetaPhysical said:

What we may do is to drop the PoA to say £100 just to cater for the remote possibility she will go slightly over the £PA.  However, her profits so far (Dec) are £7000 and there are no other sources of income and so it is highly unlikely she'd break the £PA amount and if it looked liked she'd risk doing so she'd stop selling stuff for a bit to be certain she didn't.

Seems overkill to be so determined to avoid paying tax - surely 80% of something is better than 100% of nothing?

eskbanker said:

MetaPhysical said:

What we may do is to drop the PoA to say £100 just to cater for the remote possibility she will go slightly over the £PA.  However, her profits so far (Dec) are £7000 and there are no other sources of income and so it is highly unlikely she'd break the £PA amount and if it looked liked she'd risk doing so she'd stop selling stuff for a bit to be certain she didn't.

Seems overkill to be so determined to avoid paying tax - surely 80% of something is better than 100% of nothing?

Indeed.  The context though is if we were in breach of our PoA amount.

Sure, but unless there are serious cashflow problems, that's just a minor and transient phasing issue?

MetaPhysical

eskbanker said:

MetaPhysical said:

eskbanker said:

MetaPhysical said:

What we may do is to drop the PoA to say £100 just to cater for the remote possibility she will go slightly over the £PA.  However, her profits so far (Dec) are £7000 and there are no other sources of income and so it is highly unlikely she'd break the £PA amount and if it looked liked she'd risk doing so she'd stop selling stuff for a bit to be certain she didn't.

Seems overkill to be so determined to avoid paying tax - surely 80% of something is better than 100% of nothing?

eskbanker said:

MetaPhysical said:

What we may do is to drop the PoA to say £100 just to cater for the remote possibility she will go slightly over the £PA.  However, her profits so far (Dec) are £7000 and there are no other sources of income and so it is highly unlikely she'd break the £PA amount and if it looked liked she'd risk doing so she'd stop selling stuff for a bit to be certain she didn't.

Seems overkill to be so determined to avoid paying tax - surely 80% of something is better than 100% of nothing?

Indeed.  The context though is if we were in breach of our PoA amount.

Sure, but unless there are serious cashflow problems, that's just a minor and transient phasing issue?

eskbanker said:

MetaPhysical said:

eskbanker said:

MetaPhysical said:

What we may do is to drop the PoA to say £100 just to cater for the remote possibility she will go slightly over the £PA.  However, her profits so far (Dec) are £7000 and there are no other sources of income and so it is highly unlikely she'd break the £PA amount and if it looked liked she'd risk doing so she'd stop selling stuff for a bit to be certain she didn't.

Seems overkill to be so determined to avoid paying tax - surely 80% of something is better than 100% of nothing?

eskbanker said:

MetaPhysical said:

What we may do is to drop the PoA to say £100 just to cater for the remote possibility she will go slightly over the £PA.  However, her profits so far (Dec) are £7000 and there are no other sources of income and so it is highly unlikely she'd break the £PA amount and if it looked liked she'd risk doing so she'd stop selling stuff for a bit to be certain she didn't.

Seems overkill to be so determined to avoid paying tax - surely 80% of something is better than 100% of nothing?

Indeed.  The context though is if we were in breach of our PoA amount.

Sure, but unless there are serious cashflow problems, that's just a minor and transient phasing issue?

Yes, agreed.