Jack Monroe #283 Tax Jack, tax Jack, needs to start paying back

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Finally found something I do believe Jack suffers from!

The Barnum effect, also called the Forer effect or, less commonly, the Barnum–Forer effect, is a common psychological phenomenon whereby individuals give high accuracy ratings to descriptions of their personality that supposedly are tailored specifically to them, yet which are in fact vague and general enough to apply to a wide range of people.


tit, it's literally pick a day pick a number!

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I just don’t get it. I have to do self-assessment even though paye and I always do it and I always stump up what they say I owe (if I don’t manage to get it done in time to just have my tax code changed). To do otherwise would terrify me. I wouldn’t be able to not think about it all the time. She must be bricking it. ☹

Yeah, where I grew up there was a lot of "robbing Peter to pay Paul" type stuff, being late on one bill to pay another and people talking about what you could skip for a few months with least consequences. Nobody fucked with tax. If tax was due and HMRC (inland revenue in those days) knew it, straight to the top of the priority list because the tax people will have you. Even with people who did a lot of cash in hand tax dodging.

Wtf was LJC playing at in all this, too? I know she’s not her mother/keeper but they were engaged to be married. LJC would have had to declare all Jack’s financial interests/any problems as part of clearance for her role… obvs they’re all TBDs but shocked she allowed it to be so bad whilst they were still under the same roof tbh. It shows shockingly bad judgment.

LJC always kept her flat IIRC - I suspect they never "officially" lived together and Jack didn't disclose any problems.
 
I'm trying to work out what level of fees we might be up to now with the accounts.

The late filing penalty fee for accounts more than six months overdue is £1,500. If the accounts are filed late in two successive years, the penalty is doubled, so I think from Companies House we're at £1,500 + £3,000 = £4,500.

If the corporation tax is similarly late being filed, once it was six months late HMRC will have looked at her previous return, estimated how much tax the company was due to pay and sent her a bill for it plus 10%, then added another 10% at 12 months. And then will have done the same for the second late tax return. She will also have 2 x £100 penalties for each late return, one is charged after 1 day, the second after 3 months - BUT if her corporation tax has been late three times in a row, which conceivably the most recent one could be, those £100s turn into £500 each.

We know for the year ending March 2019 her creditors falling due within one year was £28,014 and that should include her corporation tax liability for that year, but how much of that is corporation tax and how much is something else, we can't tell. If we err on the cautious side and say that the corporation tax was £10,000 and £18k is something else, then the corporation tax fines will be in the region of £1,000 at six months and £1,000 at 12 months, so if two years'-worth are late, same as the accounts, then total penalties/fines are getting close to £9,000 from Companies House and HMRC.

And if our suspicions are correct, she's just had to give a lot of the money she'd saved up to get herself out of the mess to the Trussell Trust. I do actually feel a bit sorry for her, she's getting into a bigger and bigger muddle with it.
Let’s not feel sorry for her, that’s back tax & fees, in the last few months she made a fair amount of money, Netflix, diva pdf, articles in various papers plus patreon. She could have worked down her debts with this years income alone. Over the last couple of years she has had some really big partnerships which will have paid her handsomely. These taxes and associated fees could have been cleared on the regular, but instead she’s been splurging money on ridiculous personal crap that nobody needs. Despite knowing the fact the taxman is at her door, just this last few weeks she’s been spunking money away, that should be going to pay for hospitals, schools & other public facilities, on caps, spoons and goats legs. Let’s also not forget that she disclosed she had £30k savings just a few months ago. It is a mess and I do believe the TT money that was handed over was her own, but it wasn’t her money really, it was our money, she’s spending money that could help others whilst simultaneously shouting about what bastard tax dodgers are. She’s a disgrace to all the values she pretends to hold, I will never feel any pit
 
As a limited company director frau, I just cannot understand people that don't put money away for tax.

As soon as an invoice is paid, the first thing I do is transfer the VAT and corp tax. It's just basic common sense, no?
It's a very long time since I was self employed but I used to stick 25% of everything away. I always ended up having too much put by but that seemed better than the alternative. Admittedly my business was just straightforward cash but it seems a good enough system to use if like me, you can't be arsed calculating everything all the time and it was quite nice getting a wee lump sum once a year.
 
It's a very long time since I was self employed but I used to stick 25% of everything away. I always ended up having too much put by but that seemed better than the alternative. Admittedly my business was just straightforward cash but it seems a good enough system to use if like me, you can't be arsed calculating everything all the time and it was quite nice getting a wee lump sum once a year.

Exactly! I've just paid my corporation tax and as I put the full 19% aside from every invoice, not only did I have enough to happily pay my tax bill, but once expenses are factored in, it means I have a nice chunk to put back into the business.

Win/Win.
 
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I've been undertaking some research (you don't have to but if you'd like to send cashos I'll share my paypal details). Anyway I have learned that Lester Piggott served 366 days in jail for his tax naughtiness. However Jack shouldn't despair, Ken Dodd was cleared of the tax charges against him after employing the very pricey services of George Carman QC. Sadly George Carman QC is DEAD and cannot represent Jack but I'm sure fox murdering fellow grifter Jolyon will to do a top job. That said, if you do go down it's not all doom and gloom, prison officers are highly trained professionals and will go out their way to help the new girl settle in. Could be a new OH in this for you, Jack.

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Joanie is definitely on my laminated list. I know, I’m weird….. 😍
 
As a limited company director frau, I just cannot understand people that don't put money away for tax.

As soon as an invoice is paid, the first thing I do is transfer out the VAT and corp tax. It's just basic common sense, no?

That is common sense but I don’t do it I should start though!
I’ve got a £10k VAT bill and a £17k corporation tax bill due at the end of April. Both will be paid along with everything else because, like you Brian, I am not a tax avoiding smol pixie.
 
That is common sense but I don’t do it I should start though!
I’ve got a £10k VAT bill and a £17k corporation tax bill due at the end of April. Both will be paid along with everything else because, like you Brian, I am not a tax avoiding smol pixie.
Honestly, @Froggies I have a proper fear of being in debt/owing money. I'm a spender and if I didn't put tax away as soon as my monies came in I would be living in a constant state of panic.

We also had to work really hard to get where we are and I'm not about to duck that up.

If Jack had a decent accountant and had a solid three years of business accounts showing growth, she could absolutely have got a mortgage by now. She is paid extremely well for what she does.
 
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Hasn't she said before that she only pays herself minimum wage? As the company director I'm sure that in itself is tax avoidance - not paying employer's and employee's NI.
The current threshold for VAT registration is a turnover of £85,000 but even if you don't earn that much it can be worth registering if you intend to buy lots of equipment and claim it back.

Not a tax expert but another tax paying, limited company director frau. Both of us are directors and employees.
 
Remember if she can’t afford her taxes she still signed a new contract on the bungalow and is stuck there until next year.

I have a few self employed friends who over save for taxes and then enjoy the extra money at the end of the year for savings/holiday.

it’s okay though because she’s bought an expensive hat as an ‘investment’.

did she ever mention LJC this much, really can someone bleeping ask her so she can stop drip feeding.
 
Honestly, @Froggies I have a proper fear of being in debt/owing money. I'm a spender and if I didn't put tax away as soon as my monies came in I would be living in a constant state of panic.

We also had to work really hard to get where we are and I'm not about to duck that up.

If Jack had a decent accountant and had a solid three years of business accounts showing growth, she could absolutely have got a mortgage by now. She is paid extremely well for what she does.

I hear you.
I’ve been a director since 2006, I’ve had a fair number of years with my heart in my mouth when it comes to tax. My accountant told me yesterday what my tax bill was and he said “Froggies, I know you so well, please please tell me you have this money set aside”
And once I showed him the bank accounts, everyone clapped and cheered (not really, just keeping it vaguely on topic 😂)
I pay my suppliers dead on 30 days, I check the accounts multiple times a day and I am so proud of where we’re at. It’s hard work and attention to detail that has got us to where we are - I keep such a close eye on what is due in and due out. It would not surprise me if Jack used her company account like her own personal credit card, not giving a tit as to what she’s spending on.
 
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