28
Mar
CV-19 – Here’s what to do if you can’t pay your corporation tax bill
If your Ltd company has an upcoming corporation tax payment (i.e. companies with a 30 June and 31 July year end), and if you are not going to be able to make the payment, please take the following steps:
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Ring HMRC to let them know. The dedicated helpline number is 0800 0159 559. It’s best be upfront with HMRC and let them know payment will be late rather than just ignore any contact from them.
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You’ll need your company UTR number to hand, when ringing HMRC.
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As you can imagine HMRC is being inundated with calls at present, so patience on getting through is required.
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On speaking to HMRC let them know the current position and be specific as to why payment cannot be made.
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Agree a payment plan with HMRC. HMRC will hopefully be sympathetic to the position, but be as clear as possible about what you can pay now, if any, and when you can start to pay in the future. Spreading the cost by agreeing monthly repayments is something HMRC should agree to. For example, we’ve had clients agree a 3 month hiatus, with a regular payments thereafter.
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Every case will be different, but talking to HMRC and agreeing a plan will save stress and worry further down the line.
What are the implications of not paying?
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There are NO penalties for late paying corporation tax.
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HMRC will interest of 3.25% to late paid tax (calculated on an annual basis).
Any assistance please let us know.
Rhys and Matt
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