Income Tax Time

[Smarty]

I'm PAYE myself and have felt some financial pain this year.
I have taken a financial hair cut, and my punting funds are getting smaller.

But I was just woundering about you self employed guys.

You have probably been still riding like it was still good 'ol 2007.

Would be curious to hear from you lads will you be cutting back on the punting after your accountants give you that tax calculation which includes the extra tax rates and levies.

Any ideas on the subject ??

[blankmannn]

I'm PAYE myself and have felt some financial pain this year.
I have taken a financial hair cut, and my punting funds are getting smaller.

But I was just woundering about you self employed guys.

You have probably been still riding like it was still good 'ol 2007.

Would be curious to hear from you lads will you be cutting back on the punting after your accountants give you that tax calculation which includes the extra tax rates and levies.

Any ideas on the subject ??

there's always loopholes, trust me, it's just spotting them thats the problem, I took a cut, but things are better elsewhere too

[Fran Tick]

there's always loopholes, trust me, it's just spotting them thats the problem, I took a cut, but things are better elsewhere too

Having a Cayman Islands or Isle of Man offshore account is useful.

[Forrest]

No, it's this year's tax that's due plus the balance after preliminary tax for 2008.
How to pay - Balaclava, Shotgun, Bank

[Forrest]

I'm PAYE myself and have felt some financial pain this year.
I have taken a financial hair cut, and my punting funds are getting smaller.

But I was just woundering about you self employed guys.

You have probably been still riding like it was still good 'ol 2007.

Would be curious to hear from you lads will you be cutting back on the punting after your accountants give you that tax calculation which includes the extra tax rates and levies.

Any ideas on the subject ??

I have made cuts in lots of areas:
Got the snip; Cut my hair; Cut up the credit card; Got a circumcision.

[luther]

You have probably been still riding like it was still good 'ol 2007.

Do you think that the self employed haven't taken a big hit too???

[ber]

No, it's this year's tax that's due plus the balance after preliminary tax for 2008.
How to pay - Balaclava, Shotgun, Bank

No its the balance of last years tax and the Preliminary tax for this year(u cant know
what this years tax is cause if like me ure tax year is 1st jan to 31st dec there are still
over 2 months of the year left)
So ure options are estimate and pay at least 90% of ure 09 bill or pay the equivelant
of ure 08 tax the balance to be paid or a refund made next year which ever is the case
U can also use the option of not paying any prelimenary tax and when ure bill is decided
this time next year the revenue will add intrest at the rate of i think 7.99%, can see this
option being popular this year as people are tight and the banks are not inclined to lend
Also if u borrow money specifically to pay a tax bill the intrest on this is not tax deductable
so u dont gain anything, my recomondation is borrow from the state sur arent they all at
it so might aswell join the party

[lordjohn]

Do you think that the self employed haven't taken a big hit too???

I think the point being made here is that if you are self employed and paying Income Tax that it is really only this time of the year, ie end of October that most self employed will learn from their own calculations of accountants how much of a tax bill they will owe for 2009.

Therefore some people would have kept up their lifestyle from last year, as it is a common human trait to bury ones head in the sand, only to be faced with a "shock" around now.

I don't think anyone is saying that the self employed haven't taken a big hit too.

[experienced punter]

ya I've taken a skinner, dont u simply hate this 'financial haircut' saying
'Politics is the gentle art of getting votes from the poor & campaign funds from the rich, by promising to protect each from the other' -ep

[Doozer]

Weve all taken that finacail hair cut

Some of us have to find income