Deferring Tax Payments? Prepare for Tougher Questions from HMRC!
Small businesses that rely on HMRC to defer their tax payments should prepare themselves for tougher questioning from HMRC.
Whilst the deferred payment scheme criteria remains unchanged for any business contacting HMRC with their first request for respite, those making a repeat request will find themselves meeting a more rigorous evaluation in an attempt to ensure they are not merely putting off the demise of their business due to financial difficulties.
HMRC had this to say: ‘If you already have a payment arrangement with us but have additional concerns about what you can pay, the office you’ve been dealing with will be able to discuss further options with you.’
If you are considering deferring your tax payment and have previously done it before, you need to be aware it may not be as straightforward as you think. If you need advice on anything concerning your business tax, contact us immediately. We may be able to come up with a solution before things go too far.