Can't afford your Tax bill?
Updated: Feb 11
Your Self-Assessment is filed but you can't afford the bill?
Please do not panic, you are not the only one.
You have not saved for your tax bill; we can help you with that going forward. please call, 01243 209 409 and we will help you going forward with managing your tax liability.
The letter from HMRC drops through the mail box, you owe £x,xxx and you don’t have the cash to pay it.
The Number 1 thing is to talk to HMRC, do not ignore HMRC they do not like it.
If you ignore the HMRC letters, they will fine you and continue to fine you and charge you interest to on top of the tax due.
E.g., Your Self-Assessment tax bill is £1,000. You file late, say 4 months
The cost is £410 in fines and a penalty for paying late of £50 and then they add interest of £8.
So, the total cost of filing late will be £468 on top of your £1,000 tax bill!
Wait another month and the fines jump to £770!
HMRC have no desire to put you out of business, so it is very important to get your Self-Assessment in on time regardless of the tax bill.
If you can’t afford the bill, call them, 0300 200 3822 and talk to them, they have no desire to put you out of business just getting the tax paid.
Ask for a payment plan, a period to pay the tax bill over, up to 9 mths.
Ask to pay the £1,000 over 9 mths and save yourself £460 in fines and penalties