VAT and NI over due

[WxMan]

I have F* up here – due to being out of contract I am late with some tax payments - £1.5k N.I and £1K VAT which were due on the 1st Feb. My accounts are drained and I am now over drawn to the max – so no funds to bail me out.

Question is what now – do I expect a knock at the door and what hold do they have over my possessions ETC ??

[fiddleabout]

You have 2 different agencies to deal with - of those C&E are reputed to be the worst. Too late now but you shouldn't have been dipping into their money.

IR sometimes come to a settlement for those unable to pay.
C&E usually cut bits of meat off to the value owed starting with your todger.

With any luck somebody here will have been through this and may give you a sensible answer but fortunately I can't.

[Darren at 1st Accountancy Serv Ltd]

VAT & Tax

Both agencies should be able to negotiate repayments over a few months which should help, but you must speak to them immediately....don't bury your head in the sand, be proactive about it otherwise they will send the boys round to collect...or parts of flesh as Fiddle puts it!

HMCE are trying to build a reputation for helping businesses these days.....according to their inspectors so put them to the test!

[xoggoth]

Re: VAT & Tax

Agree with Darren. Sure one of HMCE's leaflets gives info on what to do if you have problems paying.

[Underscore]

Re: VAT & Tax

Qn is - why did you empty account? I spoke to someone last week who bought himself a fancy motor with his tax money and no is complaining that he's having to sell it to pay off his tax bill....

[WouldBeEntrepreneur]

Re: VAT & Tax

Speak to your accountant! They must be used to dealing with these kinds of situations.

[WxMan]

Re: VAT & Tax

Thanks for the advice – as ever there IS more to this tale then I am telling

Suffice to say that I have contacted both TAX offices (on Darren’s sound advice) and the N.I are cool but the VAT are less receptive. More on this later as events unfold.

[nobody here but us chickens]

Re: VAT & Tax

NI should be cool - I dont think that they can penalise you until 19th April.

VATman is less nice.

[JS]

Re: VAt & Tax

Difference here is that with the tax man you have just failed to pay a bill but with the VAT man you are collecting money from your customers for the government so the money was never yours and you have stolen it. As you can probably figure out the penalties are rather different so get legal advice quick - use the CAB if you can't get a free hour with a solicitor.