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Bobziz
Posts: 666 Forumite

in Cutting tax
Hopefully an easy one to answer - I recently submitted an estate return from which I calculated tax due at £13,266.60. I paid £13,266 thinking that I should round down. Looking at the account statement online, HMRC are saying tax due is £13,266.60. The tax is not actually due until the end of January next year. Question- will I be required to pay the 60p ?
Thank you
Thank you
0
Comments
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If HMRC allowed taxpayers to round down their payments to the nearest £1 and then just wrote off the balance they would be foregoing a lot of money each year for no good reason. Assuming 37 million taxpayers that is perhaps £18 million a year.1
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Taxable amounts are truncated to whole pounds but the tax due is to the penny.3
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Thanks both, I think I had assumed that the round down income received rule also applied to tax due. I'll pay the 60p then.0
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My husband submitted his dad’s tax and it was pence out. They sent a letter to say they were not going to pursue the pence but I thought the letter would have cost significantly more than the pence, even just in postage.1
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Green_hopeful said:My husband submitted his dad’s tax and it was pence out. They sent a letter to say they were not going to pursue the pence but I thought the letter would have cost significantly more than the pence, even just in postage.0
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