Originally posted by tractor
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8 month bench, corporation tax installments due
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Originally posted by junior contractor View PostHi
i have been on bench for past 8 month, my corporation tax was due in summer.
about 13k, spoke to HMRC and they agreed for me to pay in installment of £1300 monthly.
today i phoned them and asked if i can reduce to £500
they took the payment but told me since it will take longer than 12 month to clear the payment
it may not be possible. anyway im waiting for someone from hmrc to call me to discuss.
today having read this page ..
Contractor Doctor: I can’t pay my tax bill to HMRC – what are my options?
"Simister says that the trigger point for insolvency is when the contractor’s limited company cannot realistically repay the debt within 12 months. If this is the case, the solution for most contractors is to undergo a voluntary liquidation. This would involve them agreeing an affordable payment plan to clear their debt to the company, using a licensed insolvency practitioner who the contractor has chosen."
now im concerned about my options. and fear it may all get worse ..
has anyone been in the same situation ? or can advise what i can do to proactively avoid situation getting worseComment
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