Can’t pay your tax bill?

Insolvency Your money Update

Can’t pay your tax bill?

The 31st January 2016 is the deadline for all individuals to file their income tax self-assessment returns for the year ended April 2015.

It is also the deadline for paying the balance on any tax liability arising on that return. Should you fail to pay the balance of the tax liability, penalties and interest will be incurred and these will continue to accrue whilst the balance remains outstanding.

If you are unable to pay the full balance of your tax liability by the due date it means that you are technically insolvent and if the position remains unaddressed, HMRC will eventually petition for your bankruptcy.

HMRC make thousands of individuals bankrupt each year, but it can easily be avoided by speaking to us to discuss what arrangements can be put in place to buy you additional time.

As a firm of Licenced Insolvency Practitioners, Gibson Hewitt are able to liaise with the only department at HMRC which has scope beyond the very restrictive “Time to Pay” arrangements your local tax office might be able to offer.

If you will be unable to pay your tax bill contact Lynn Gibson or Robert Hewitt on 01932 336149 without delay. The sooner we begin the dialogue with HMRC, the more amenable they tend to be.

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