8 month bench, corporation tax installments due

[turbowoowoo]

You have been around for a few months. Give it a little while longer and you will be able to sniff out a sockie more easily.

Once you have been here a while and spent endless hours providing good advice out of the goodness of your little heart to someone who you find out ultimately is sat at their keyboard laughing their sockies off at the flame war they started, you are likely to change your mind.

Until then, I suggest you practice waggling your finger and pontificating in the quiet of your own home so that you are well prepared for how you will ultimately feel. You will be able to handle the inevitable realisation much better that way.

HTH.

Fair point, well made. But I may have only been on here for a few months, but trust me I have been around the block a few years and am not a novice by any means. But will keep this is the back of my mind..

[cherhill]

Hi


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 worse

You have been out of work for 8 months and have debts and still you don't consider taking a permie role?