If you are concerned that you might not be able to pay your tax on time our general advice is that you communicate with HMRC before the due date.
HMRC have discretionary powers to allow companies and individuals time to pay, perhaps by agreeing payment by instalments.
While every situation is different it is generally possible to find a way forward with the revenue if you keep the lines of communication open before your tax is due. If you wait until after your due date you may find the situation changes. It is much better to speak to HMRC early than bury your head in the sand.
With immediate effect HMRC are introducing a new structure to their time to pay arrangements. The default position will be mandatory payment by direct debit if a time to pay arrangement is granted. The other, less structured arrangements that have been allowed up until now have proven too costly for HMRC to administer.
Only in the most exceptional of circumstances will a direct debit arrangement be avoidable.
If you are having trouble paying your tax on time please talk to your Lovewell Blake contact
and we will advise you on the best way forward.