Tuesday, 15 June 2021

That was a bit of a scare

I was looking into paying another income tax instalment (due end of July) and couldn't find a the entry going out of my bank account for the previous one.

As part of being paid in dividends as a contractor I have to fill out self assessment tax returns and one of the weird quirks is that you pay for the first year then half again for the next then the remaining half 6 months later, despite the fact that you may actually have earned more (like I did).  It will all even out in the wash but it's still odd to me.

Anyway, I couldn't find the year and a half's worth of tax that I thought i'd paid going out of my account.  I initially panicked as I certainly didn't want to have to pay for it again.  I searched our joint account, my business account (or old business account) but couldn't find it.  It was only when I was mid call to HMRC where I realised where it was.  I had a savings account keeping tabs on all of my tax that was due to make sure that I didn't spend it.  Phew!  What a fool.

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