PAYMENTS ON ACCOUNT EXPLAINED!

  Рет қаралды 2,571

Boffix - UK Small Business Support

Boffix - UK Small Business Support

Күн бұрын

Пікірлер: 21
@mitiasmirnovmusic
@mitiasmirnovmusic 10 ай бұрын
This is by far the best video on this topic because you actually explain the process fully! You explain how your payments affect your next payment properly. Thank you!
@BB-mv9wl
@BB-mv9wl Жыл бұрын
Im actually realising it's detrimental to grow my business. I feel like a hampster on a wheel, not progressing.
@emmafreeth7493
@emmafreeth7493 11 ай бұрын
Just makes me think that in the UK you are not valued for having your own business - you're penalised!! I mean what is the incentive to be self employed - no holidays and no sick pay and paying your tax in advance. Do other countries treat the self employed like this?
@erimahmet4461
@erimahmet4461 Жыл бұрын
I hate payment on account :(
@AdrianNelson1507
@AdrianNelson1507 2 жыл бұрын
An unhappy Christmas time revelation! Thanks for the info 🙂
@kidslingosarahclark126
@kidslingosarahclark126 11 ай бұрын
Clearly explained - like the diagrams and timeline
@rsk5660
@rsk5660 Жыл бұрын
Hi, Just wondering in what way does payments on account previously paid show up on the governments tax calculation sheet which they issue you. My payments on account from the previous year never seem to get mentioned. I always have to pay the two instalments, but never seem to get this discounted the following year. I'm starting to wonder if I'm paying twice what I should be paying.
@BoffixAccountancy
@BoffixAccountancy Жыл бұрын
We would advise reaching out to HMRC or you could book to talk to one of our accountants here: bit.ly/3ycvJC8
@BrandonFs9
@BrandonFs9 11 ай бұрын
Did u ever get an answer to this pal? Same issue here..
@tanyahomeinspo
@tanyahomeinspo 11 ай бұрын
Is there an answer to this question?
@rsk5660
@rsk5660 11 ай бұрын
I phoned up and got a big refund. I'll be filling in my form for this year soon, and will be looking closer at bank details for repayment. I might have missed something.@@tanyahomeinspo
@j700jam4
@j700jam4 11 ай бұрын
I have same issue, I paid approx £4000 in Jan and July last year my profits were about the same this year and my tax liability was approx £8000 and I still had payments on account of £400x2 this year so a £12000 BILL IN TOTAL, there seemed to be no mention of last year's payment on account. I though payment on account should help reduce your January bill but mine just seem to be getting higher.
@davidcthomasmusic
@davidcthomasmusic 11 ай бұрын
Will my payments on account appear when I submit my tax return? My total tax due seems very high considering I was employed and self employed but hoping it comes down with my previous payments on account.
@BoffixAccountancy
@BoffixAccountancy 11 ай бұрын
Your Payments on Account must be acknowledged on your Tax return for it to be calculated correctly!
@ErikLloyd-m6s
@ErikLloyd-m6s Жыл бұрын
Does HMRC write to you to remind you the 31 July payment is due or is it something you need to keep track of personally?
@BoffixAccountancy
@BoffixAccountancy Жыл бұрын
They do sometimes but they've not been reliable in our experiences so we always advise to keep track yourself.
@ursulageorgeson7086
@ursulageorgeson7086 Жыл бұрын
Will they refund you automatically once you've paid on 31st July? Or do I need to chase this/make special applications for them to reconsider?
@BoffixAccountancy
@BoffixAccountancy Жыл бұрын
They should send you a letter and refund on 31st January! But always chase if you can be to safe.
@nippychippy
@nippychippy 2 жыл бұрын
Another great vid Aaron. Can’t stand this tax method
@Sabininho
@Sabininho 2 ай бұрын
🚑 I might need to pay 10k in Jan
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