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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3005
Experience:  FCCA FCMA CGMA ACIS
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I am currently developing 2 properties and all my money is

Customer Question

I am currently developing 2 properties and all my money is tied up in the properties. I currently have one of the properties on the market for £350,000. The problem is I have just calculated my late tax return for 2013 and I owe £50,000. The profit based on the £50,000 tax payment as been invested in to these properties. Am I in big trouble?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
You might, as the old saying is, be in dead stook! Your 13/14 tax return must be filed on line by 31 January 2015 to avoid penalties and any tax due is payable by that date also.
However, it is really a cash flow problem for you. If you cannot raise the 50K you think you will owe you could negotiate a repayment schedule with HMRC. This might buy you a bit of time, but not much. Alternatively you might be able to borrow elsewhere to cover your liabilities, particularly if you have good security to back the loan.
I do hope I have thrown some light on what could be a very serious problem. Of course, if the 350K sale comes through there will be nothing to worry about as any tax due on the gain will not be due for payment until 31 January 2016.
Customer: replied 2 years ago.

Okay thanks for the fast reply.

Expert:  bigduckontax replied 2 years ago.
Delighted to have been of assistance.
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