Advice on tax bill!!

[Rich]

Hello all, Have just found out how much my tax bill is this year. It is not a huge amount but it is more than I have and more than I can get together before the dead line. This is the first time I have not been able to cover the bill. What do you guys think my options are? As I say, I haven't had to deal with this before as I have alway been able cover the bill even if it was by the skin of my teeth.

Thanks in advance peeps...

 

[Gazzer]

Call the tax office and talk to them. They are not the 2 headed monsters you are lead to believe but be prepared for installments.

 

[doug boardley]

yep, as Neale says Rich. The last thing you want to do is bury your head in the sand and hope it goes away.

 

[Rich]

I take it I would have to pay interest if I pay it off in installments? I am trying to work out if I would be better off borrowing the money elsewhere to pay it off or to just pay it back to them month by month.

 

[Gazzer]

More than likely but a call wont cost the earth.

 

[One Day]

I take it I would have to pay interest if I pay it off in installments? I am trying to work out if I would be better off borrowing the money elsewhere to pay it off or to just pay it back to them month by month.

Bad idea. HMRC are pretty understanding. There is a number you can call if struggling to meet payments. If you can suggest a payment plan, they will nearly always accept it and the interest they expect from you is A LOT LESS than borrowing off someone else - i.e. bank / credit card.

Honestly, talk to them and you'll be surprised how helpful and understanding they can be. You won't have to jump through hoops either. Just a simple call.

(I struggled last year and cleared mine over 3 months. I panicked like mad until I spoke with them)

 

[doug boardley]

I'm, pretty sure that you can't use a credit card to pay HMRC, but honestly Rich, just give them a call as has already been suggested.

 

[Gazzer]

08453661204 if you can not pay on time

 

[One Day]

You can use a credit card to pay but there's a big surcharge! I made this mistake in my first year self employed. Wish I hadn't used the credit card and just asked for time. It would have saved me hundreds! Don't do it rich! Just call them.

 

[Stewart]

Agree with above..... Give them a call, and they will come to some arrangement for you. You only get into trouble if you try and avoid them and don't explain your situation.......


Created on iPhone.....

 

[kilty55]

good advice guys

 

[JLM Tiling]

At the end of the day they want their money but they also want you to keep making money! They won't put you out of business just for fun. But as with anyone if you don't let them know they'll just get jacked off with you. Call them

 

[White Room]

As everyone else give them a call, can't remember how many times I had to years ago..

 

[John Benton]

The HMRC know that work is not free flowing these days and that you have to live, and you have day to day expenses. Just burying your head is not the answer as some people do. They will pursue to the n'th degree. Tax avoidance is a serious crime. Give them a call and explain the situation they can be more understanding than most people think. After all they're only human!!!