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Post by moonraker on Jun 3, 2024 9:57:02 GMT
I've just completed my tax return for 2023-24. The good news was that I found it an easier task than in previous years (where there were Capital Gains and Losses to include). The bad news was that, though I was expecting to pay more tax because of the changes in income-tax thresholds, I did gulp a little at the amounts, not least the sum due by January 31 (which includes a payment on account for 2024-25).
Initially I reflected on how the Government wastes money, not least the £370m on the Rwanda scheme which, with a change of Government, will achieve absolutely nothing. But then I consoled myself with how much I've been getting for free from the NHS in the past year or so.
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adrianc
Member of DD Central
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Post by adrianc on Jun 3, 2024 11:12:02 GMT
Initially I reflected on how the Government wastes money, not least the £370m on the Rwanda scheme which, with a change of Government, will achieve absolutely nothing.
It'll achieve exactly the same as it'd have achieved under this government - but the waste of money will stop...
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 3, 2024 12:38:34 GMT
Initially I reflected on how the Government wastes money, not least the £370m on the Rwanda scheme which, with a change of Government, will achieve absolutely nothing.
It'll achieve exactly the same as it'd have achieved under this government - but the waste of money will stop... An unproven assumption of course. As Sir Flip-flop said today the only point of a deterrent is knowing it could be used ... so what the policy will achieve can only determined when it is actually able to operate ... unless youre Irish in which case it has apparently already achieved something. As to the waste of money ... it wont, it will merely be wasted elsewhere, assuming of course you consider development aid to Rwanda a waste ... it can go to China or the Indian space program, some nice dual purpose water pipes in Gaza ... a quango would be good, maybe one with a flashy logo, some fancy wallpaper.  Governments are superb at wasting money, one person's waste is anothers worthwhile spending.
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spiral
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Post by spiral on Jun 3, 2024 17:08:48 GMT
not least the sum due by January 31 (which includes a payment on account for 2024-25).
I've never completed a tax return for tax due (only refunds) but that is likely to change this year but I thought that if you complete the return early, you have a time limit to make the payment after the tax due is confirmed. Is that not the case? If it isn't, why does everyone wait until the last week of Jan to file their returns?
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Post by moonraker on Jun 3, 2024 18:56:33 GMT
not least the sum due by January 31 (which includes a payment on account for 2024-25).
I've never completed a tax return for tax due (only refunds) but that is likely to change this year but I thought that if you complete the return early, you have a time limit to make the payment after the tax due is confirmed. Is that not the case? If it isn't, why does everyone wait until the last week of Jan to file their returns? Risks clogging up the HMRC IT?
I like to get my return in ASAP lest frailty increases before I do it later and a solicitor charges thousands of pounds to complete it.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Jun 4, 2024 20:58:29 GMT
I do mine early ( aiming for end of the month ) and I have until 31/1/25 to pay it
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spiral
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Post by spiral on Jun 5, 2024 6:18:57 GMT
I do mine early ( aiming for end of the month ) and I have until 31/1/25 to pay it Well you learn something new everyday. Although never previously applicable to me, it will be this year (so for next years return) I was always under the impression that people filed late because as soon as submitted, they started the clock on when they needed to pay.
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Greenwood2
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Post by Greenwood2 on Jun 5, 2024 7:08:00 GMT
I do mine early ( aiming for end of the month ) and I have until 31/1/25 to pay it Well you learn something new everyday. Although never previously applicable to me, it will be this year (so for next years return) I was always under the impression that people filed late because as soon as submitted, they started the clock on when they needed to pay. I don't get some statements till June or so. Usually I do it about September (after payment on account) plenty of time to check and change if necessary, and not get caught up in the last minute chaos. A friend always does it last minute and every year is surprised that they haven't got or can't find some bit of vital information and it's a big panic to get it done, I don't understand it.
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Post by mostlywrong on Jun 5, 2024 10:10:41 GMT
I do mine early ( aiming for end of the month ) and I have until 31/1/25 to pay it Well you learn something new everyday. Although never previously applicable to me, it will be this year (so for next years return) I was always under the impression that people filed late because as soon as submitted, they started the clock on when they needed to pay. People file late, and I am guilty of such behaviour, because it is such a difficult process. It is human nature to put off those horrible tasks until the last moment.
A few years ago, I was caught out by my tardy behaviour when a problem developed overseas and I was sent to sort it. Trying to complete and submit my tax return from a hotel room in the depths of what was considered to be a first world, high-tech, country persuaded me that my behaviour was stupid.
I now have a check list of actions that I undertake as the documentation rolls in. I try to complete the return by the end of June (cough!) and then submit in early January with payment by mid-January. It was my experience that HMRC's computers slowed down enormously as they struggled to cope with me filing late, so I try to stay ahead of the game.
I have wondered why HMRC does not pay interest for early submissions. If taxpayers could earn, say 5% tax-free, for filing and paying by 30 June, surely the workload would be more balanced across the year?
Don't worry. It will be in my manifesto...
MW
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Jun 5, 2024 10:20:11 GMT
I will actually pay early this year, for a simple reason I turn 66 before 5th April so will get my state pension. But I pay my NI ( voluntary in with Tax ) so want to get last years contributions "clocked up" before they calculate my state pension.
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Mike
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Post by Mike on Jun 6, 2024 9:40:01 GMT
I have wondered why HMRC does not pay interest for early submissions. If taxpayers could earn, say 5% tax-free, for filing and paying by 30 June, surely the workload would be more balanced across the year? Companies earn interest on early payments - but it's not tax free... In any case filing early doesn't mean paying early, and by your own admission some poeple find the process tricky enough as it is. Adding into the mix the need to pay less because of interest (accruing at a variable rate?) is unlikely to help.
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Governments are superb at wasting money, one person's waste is anothers worthwhile spending.