My friend owns his own tuck and some body told him he has to pay taxes in advance of the year, is this true?

He would have to pay road tax on the truck in advance for the year, certainly, but not income tax, as you can't possibly know how much money you will earn before you've earned it, if you see what I mean. So, in short, no, he won't have to pay tax until he has got some wages first.

no you pay tax that keeps for a year but never heard you have to pay in a years advanced i think hes trying to rob him.

What the hell is a tuck???

Road tax yes. Income tax no

What is a tuck

do you mean truck?
Tax is paid when it runs out, then it will cover you for the next 6 or 12 months

I guess you mean a truck. Yes you pay for a year or 6 months road tax, before you can use the vehicle for that year.

As far as I know as long as you can pay your taxes at the end of the year, then you should be fine. It's when you can't pay all your taxes the government puts you on a quarterly payment plan. Hope this helps.

Your question could be referring to road tax and income tax. Given the road tax situation is obvious I'll concentrate on income tax.

He's better off checking what the inland revenue say, rather than relying on gossip.

www.inlandrevenue.gov.uk

My dad mentioned something like this about his taxes, what your friend has heard sounds like its wrong but based on the truth, like most rumours.

The tax year begins and ends on 5th April. Your friend will have to register as self employed with the tax office and send in a return detailing his earnings up to 5th April 2008 by 31st January 2009. He should have a savings account where he puts an approximate amount of money to cover his tax bill.

I think when you file your first years tax return you also have to pay some of the current year. Given when you file your tax return half of the next year has gone, this shouldn't mean you actually end up paying tax before you earn the money. What this means for your friend is that when he files his return for 2007/8 he should pay some of his tax for the end of 2008 due, even though he doesn't have to declare that until next time.

In January 2010 he'll pay the rest of his 2008/9 tax, plus a downpayment on his 2009 tax.

It's a bit complicated, but he shouldn't end up paying tax on income he hasn't had.

But don't rely on me, get the info from the horses mouth.

taxes are usually included in the purchase price of a tuck