Reidy's Bottle Of Grecian
The Unobstructed View
don't forget though that they want some 'on account' for the year after.
so if your tax bill is £10,000 for the year, then they want £15,000 so they have 1/2 for the year after.
then if your bill is £20,000 (minus the 5 they have) they will want the £15,000 you owe them plus £7,500 for the next year.
so you feel like you've had a good year, yet you've given all your extra income to the taxman in advance, but, and it's a big but, if you get the tax credits* then they will drop because of your so called 'income', so you can actually end up with less to spend. quite literally, you may not be able to afford to make more money.
*working tax credit, child tax credit.
so if your tax bill is £10,000 for the year, then they want £15,000 so they have 1/2 for the year after.
then if your bill is £20,000 (minus the 5 they have) they will want the £15,000 you owe them plus £7,500 for the next year.
so you feel like you've had a good year, yet you've given all your extra income to the taxman in advance, but, and it's a big but, if you get the tax credits* then they will drop because of your so called 'income', so you can actually end up with less to spend. quite literally, you may not be able to afford to make more money.
*working tax credit, child tax credit.
