Monday, 22 August 2016

Not Great Ideas #1

Got a spare £900.00? You could always give it to the Tax Man...

Regardless of which side of the Brexit fence you were on, sterling has weakened and interest rates on savings are doing their best Invisible Man impression. 

So, unless you have money to burn, now’s probably a good time to make every penny count, especially if you’re part of the Self Assessment Club.

The club itself is actually quite well-to-do, whose treasurer, Phil McCoffers, is often seen wearing a perma-grin – thanks in part to the membership who regularly forget to renew their subscription and pay their club fees on time.

As is his mantra, dictat 13.2 from Mr McCoffers’ ‘Self Assessment Rule Book: Ignorance Isn’t An Option’ states that there’s an automatic £100 penalty for late submission. For those partial to a game of subscription chicken, and who’ve pushed the envelope way beyond the 31st January deadline, there’s the reward of a daily £10 ‘Do You Still Want to Be a Member’ fee – up to a maximum of 90 days / £900.00. Still playing chicken? Then expect further financial ‘rewards’. Genius!

It’s not all doom and gloom though. Just think what else you could spend £900 on: €600 / $450 of foreign currency; 2 x 45 days’ late Self Assessment membership, and a limited hardback edition of the ‘Self Assessment Encyclopaedia: None of the Things You Didn’t Know You Didn’t Know’.