Categorized | news

Owed £400? Some Contractors Are…

Getting in your tax return by January 31st is essential, unless you want a £100 fine…but, some contractors may actually be owed £400…

That is because recent statistics show us that during the 2017-18 tax year, there is an estimated 4.7 million self employed Brits who have overpaid on tax.

Yes you read that right. Not content with giving up between 20% and 50% of their income, there are contractors out there who want to pay even more…more than they should.

Of course, they are not doing this on purpose. There are no prizes for overpaying on tax and it won’t get you into the good books of HMRC, so to speak.

The only thing that happens is you get a refund, with a short note to get your books in order and “stop sending us too much money,” no doubt.

After looking through the numbers of the amount of tax that has been overpaid by the self employed workers of our nation, experts have estimated that, on average, every person who overpaid is due around £400.

That is going to be a nice surprise to find in your morning mail. Instead of bills, bills, and more bills…it’s going to be a cheque for a change. Pay that directly into your bank account.

While there are nearly 5 million who have overpaid, there are some that have done the exact opposite…underpaid!

Guess what? These people who have deliberately or not deliberately tried to short change the HMRC are now going to be punished, to the tune of £800 million pounds sterling.

So that is quite a bit that each and every self employed person is going to pay and this includes contractors don’t forget. The HMRC accept debit card, cheque and postal order, although your credit card may be declined.

No matter if you are in the “overpaid” or “underpaid” camp, if you ask me, the number priority for you right now is to hire a contractor accountant.

This saves you from making mistakes that could get you in trouble with HMRC, and if your accountant does make a mistake, well, you can just blame them. After all, if would be their fault.

However, you don’t have to worry about your accountant making mistakes, not if you choose one of the best contractor accountants in the UK.

If you browse around this site then you will find plenty of the best, and none of the worst. It’s win-win all round really.

Even better, if you are one of the lucky contractors who is soon going to be getting a cheque for £400 in the post, then perhaps you could use that cash to hire an accountant. They soon start paying for themselves.

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