Aaaargh tax!

[Scarlett]

My stupid accountant neglected to tell me that if I don't get my tax return in by 31st Dec I can't pay what I owe through my PAYE work! I never knew this. I have just given him my info etc to be done by end of January, but I am now freaking out, cos I have no money to pay a bill!! For the past 6 years I have always had my tax code changed and the tax was collected automatically through my employed work. Is there anything I can do? Pay it in installments? Jump off a cliff!? I simply don't have any money to pay a big bill! Help!

[kags]

I asume the return is going in electronically (hence the 31 December deadline for coding out underpayments, it's 30 September for paper returns). You could write to the tax office and request that they consider coding out the underpayment - they probably won't agree to this, but if you put a good case they may do it. Otherwise, you need to contact the Collector of Taxes as soon as your return is in, and try to arrange an instalment plan with them - this will incur interest, and again they may not agree to it if they think you could raise the money.

[-Zorro-]

I can lend you a tenna Scarlett

[jedimistress]

I have sympathy with your accountant. We are always wondering why everyone comes in in the last 2 weeks of the year and try to have their accounts & returns done at the same time, then blame us when they have deadlines to pay & no money to pay it. Despite inviting people to come in with their bits throughout the year. You have had months to get it sorted so please don't blame stupid accountants, we're not mind readers.
Anyway, you will be charged interest on the outstanding amount unpaid by the 31st January but it won't be much, below the banks interest rates. But come 28th February there will be a 5% surcharge on any outstanding amounts, so just try your best to pay it by then. How much do you owe?

[jedimistress]

And you can pay in installments if it will cause you hardship, but you will need to fill in a very detailed lifestyle questionaire / income and expenditure form, can't remember exactly what it's called, so the Inland Revenue can see how hard up you are and what installments to request. They will be large installments, not small ones & often the Inland Revenue will require you to pay a large deposit on top in order to negotiate and secure this.

[Scarlett]

Hi Jedi,
Not sure yet how much I owe as I only gave the stuff to my accountant last night. No, I am aware that I could have got everything together earlier- every year until now I have done it by the end of Sept! But this year he said end of Jan was fine, so I left it til now. He knows my circumstances, and knows that every year I have ever done this, I have had my tax taken through PAYE. I just think he should have said "You can pay by Jan 31st, BUT do you realise it won't be through PAYE and you'll have to find a lump sum". He didn't. He never said anything. Which is not helpful to me in the slightest! He knows I don't save 1/3rd of my earnings as I don't need to- it's not how it's collected from me.
I'm not blaming accountants, I am blaming MY accountant!!

[-Zorro-]

whats the name of your accountant Scarlett...name and shame

[Scarlett]

Mr. Smith. Track him down and EGG HIM!