With the deadline for self-assessment fast approaching, self-employed businesses and individuals across the UK will be panicking about submitting their returns on time and paying off their tax bill for 2016/17.
However, for many the deadline at midnight on 31 January 2018 may seem all the more ominous if they are unable to pay their tax bill on time, which is why leading business recovery and insolvency practice, Gibson Hewitt, is offering a helping hand with the stress.
The firm based in West Byfleet, Surrey is advising those struggling to meet the Revenue’s demands to seek urgent help in order to negotiate new arrangements.
Lynn Gibson, Director at Gibson Hewitt, said: “This can be a very stressful time of year for those who submit tax returns, not only do they have to complete the self-assessment process, but they also need to ensure that their tax bill for the previous year is paid off.
“It doesn’t pay to ignore either of these deadlines as HM Revenue & Customs (HMRC) will only add additional penalties on top of the tax due already and could even launch a costly investigation if they feel you have something to hide.”
Those who fail to pay their tax on time by the January deadline could face a fine of five per cent of tax unpaid after 30 days, followed by further fines of five per cent after six and 12 months. On top of this HMRC can also charge interest on unpaid tax.
Where tax remains unrecovered, HMRC can take further measures, including seizing assets or launching a court action in the most serious cases.
“Those who can’t pay need to explore other options and do so soon ahead of the deadline, as there is less recourse to avoid fines once the deadline has passed,” said Lynn. “In most cases it is worth speaking to a professional who can provide quick and effective advice that will help to mitigate fines or large payments of tax.”
If you are concerned about paying your tax on time and would like help, then please speak to Gibson Hewitt by calling 0800 195 5858 or contact us.
