All businesses are required to pay corporation tax to HMRC on all their profits. It is the directors’ responsibility to ensure that accounts are filed and profits are reported accurately so the correct and full amount of tax can be determined.
Tax advice and expert help
If you have taxable profits up to £1.5 million, then corporation tax must be paid by nine months and one day after the tax period ends. Any profit over this amount is usually paid earlier, and in four parts. If your business is unable to pay its corporation tax, then the first step is to get in touch with HMRC. They are always likely to listen to businesses that are struggling and are more likely to agree to a compromise if you have been up front with them. Ignoring demands and notices is never the right course of action for your business. HMRC can agree to a “time to pay deal” that allows your business to pay the money it owes over a pre-determined period. Failure to meet the terms of this deal can lead to HMRC moving to file a winding up petition against you. Get in touch with The Insolvency Experts if you have received any statutory demands or winding up threats against your business. The Insolvency Experts has extensive experience working with HMRC and businesses to decide the best course of action. It can be a stressful moment, as a director, when you realise that you aren’t going to be able to meet tax deadlines but we can help to ease the burden.
The Insolvency Experts can help
If you are worried that you might be unable to pay your corporation tax, then receive professional debt advice from The Insolvency Experts today. Contact us online or speak to one of our Insolvency Practitioners today by calling 0333 303 8284 to discuss your situation.