“My business is not indebted to any creditors, but I do owe HMRC taxes and I can't afford to pay them because we have no clients and no income right now. What are my options?”
The most ideal option for you will depend on your intentions. If you plan on keeping the business afloat and you just want an extension from HMRC then the best course of action would be to contact HMRC and request a 'Time to Pay' instalment plan.
Repaying the amount you owe in taxes over the period of about 3 to 6 months, however the timeframe varies with each instalment plan based on the discretion of HMRC.
Normally such a plan would give you the opportunity to repay the amount you owe in taxes over a period of time.
Before granting Time to Pay HMRC will want to assess whether:
If you're given a Time to Pay instalment plan you're obligated to notify HMRC if your business situation improves or takes a turn for the worse. If HMRC feels that there is significant risk involved in granting you an instalment plan then they may request additional information.
The good news is, if HMRC is your only creditor then your company is in relatively good standing as far as debt is concerned. Still, failure to pay taxes could result in some serious penalties and the longer you wait to deal with the issue the more interest you'll have to pay. Call us today on 0800 644 6080 or contact us online for free confidential advice.
4th December 2018
The number of independent retailers who closed down outlets during the first half of this year reached a record high level for any comparable period.Read More