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We're now into January and it's a January like no other. I can't work out why but I can only conclude that the current recession psychologically seems more scary since it comes after 15 years or so of growth - growth caused in part by a rise in consumer debt and the almost unlimited availability of money.

I've been through other recessions in 1974/5 (3 day week), 1980/1 (strong pound) and 1991 (high inflation & ERM fiasco) but didn't experience the level of uncertainty that pervades us today. This one feels like Armageddon.

Continued...

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Comments

POA overpayment

ashmm | | Permalink

Hi, This is my first post so your reply is highly appreciated. My client has made an overpayment in relation to payments on account. The 1st payment on account due is less than the overpaid balance. My software provider has told me that I will not be able to offset the overpaid balance if the Overpayment is more than the first payment on account due. I could not find anything on the HMRC website. Would any of you know if that is true?

2nd scenario:
For example 1st payment on account due is £2000
2nd Payment on account due is £2000

Paid in January £5,000

How this should show on the tax computation?