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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4351
Experience:  FCCA FCMA CGMA ACIS
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We have a large tax bill now issued for the year 2014-15 and

Customer Question

We have a large tax bill now issued for the year 2014-15 and cannot afford to pay it outright as it is £12000 we are really worried and need advice.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.

Customer: replied 1 year ago.
Myself and my partner have just received a large tax bill to the sum of £12000 and are extremely worried as we are unlikely to be able to come up with that amount of money within the 30 day period. We have a large family with 5 children and are now beside ourselves with worry and concern. My partner has thought about trying to get a loan to cover the amount as the only way we would be able to do it would be to pay by instalments. We are willing to pay back what is owed.
Expert:  bigduckontax replied 1 year ago.

I am sorry, but the Just Answer system has lost my reply.

Customer: replied 1 year ago.
What was your reply?
Expert:  bigduckontax replied 1 year ago.

I am sorry, but the Just Answer system has lost my reply. Unfortunately HMRC adopt the attitude that as you have had the money why can you not pay it back immediately! Don't get yourself into the Dad's Army 'Dont panic!' situation. Just write to your tax office and negotiate a repayment schedule acceptable to the Department and the tax payer. Since tax debts ceased to be preferential HMRC's enthusiasm for windings up and bankruptcy proceedings, formally their stock in trade, has diminished.

However, do check that their assessments are correct. If they are not then write and tell them so, thus making an appeal against an assessment. HMRC are notorious for incorrect assessments, invariable in favour of the Revenue! At this stage I would not lumber yourself with a loan until negotiations have been concluded.

I do hope that you have found my reply of assistance.