I've been SE Sole Trader for five years now and have been constantly honest with my income declarations. Year on year my gross income has increased. This has transpired into a double edge sword now, HMRC Tax Bill week before Crimbo payable end of Jan £9300 with projected earnings bill payable in July of £4650 odd....FFS.
I've just about got £6900 as I put it by throughout the year, but it wipes out my business account. The fact I've shelled out £1000 for new contract van deposit and another £750 odd for alarm and deadlocks and more replacing broken tools I'm in an automatic deficit of about £2400, which doesnt come into play until the end of this tax year.
So now I need to find the 2.4k I've paid out already on business needs "probably credit card" to pay the tax bill, then pay that back thus I'm paying 2.4k twice, makes absolutely no bl**dy sense...and more over I can seriously see myself going on holiday a lot between now and the end of this tax year...curiously though, what have I done incorrectly to create this problem???
I've just about got £6900 as I put it by throughout the year, but it wipes out my business account. The fact I've shelled out £1000 for new contract van deposit and another £750 odd for alarm and deadlocks and more replacing broken tools I'm in an automatic deficit of about £2400, which doesnt come into play until the end of this tax year.
So now I need to find the 2.4k I've paid out already on business needs "probably credit card" to pay the tax bill, then pay that back thus I'm paying 2.4k twice, makes absolutely no bl**dy sense...and more over I can seriously see myself going on holiday a lot between now and the end of this tax year...curiously though, what have I done incorrectly to create this problem???