Late payment of corp tax

[aztec]

I have to pay my corp tax in 2 days and unfortunately don't have the money in my account. I had to take the money out some months ago for personal reasons( as loan to director) and was in contract then and assumed would be able to put it back before it was due. My contract was terminated early as the work was completed and no contract came by early enough to put the money back. I have always heard of penalties for paying late....but what are the penalties? I am due some money on invoices in 15 days and may be able to pay then.

Second problem is I haven't calculated the final exact figure as I am just in the process of doing my year end accounts. If I manage to find the money to pay can I overpay by some amount and claim that back when I submit the CT returns?

[simondolan]

I have to pay my corp tax in 2 days and unfortunately don't have the money in my account. I had to take the money out some months ago for personal reasons( as loan to director) and was in contract then and assumed would be able to put it back before it was due. My contract was terminated early as the work was completed and no contract came by early enough to put the money back. I have always heard of penalties for paying late....but what are the penalties? I am due some money on invoices in 15 days and may be able to pay then.

Second problem is I haven't calculated the final exact figure as I am just in the process of doing my year end accounts. If I manage to find the money to pay can I overpay by some amount and claim that back when I submit the CT returns?

You won't get penalised for paying the tax late (other than interest at around 6.5% pa) - make sure you get all your Returns in on time though. You'll find that it will be at least a month before the Revenue start chasing you.

If you do overpay, the Revenue will refund you the overpaid amount (plus interest!) once you've got the Returns in and they have been agreed.

[aztec]

Do I call or write to the corp tax office telling them I am unable to pay but will do so in a next 1-2 months in installment telling them the actual amount due or should I just wait for them to ask me for the money (I would anyway pay up when I get the money in the next month or so) ?

My returns will be on time as I am working on them alongwith companies house returns by June end.

Thanks for your reply and any more advice will be appreciated.

[simondolan]

Do I call or write to the corp tax office telling them I am unable to pay but will do so in a next 1-2 months in installment telling them the actual amount due or should I just wait for them to ask me for the money (I would anyway pay up when I get the money in the next month or so) ?

My returns will be on time as I am working on them alongwith companies house returns by June end.

Thanks for your reply and any more advice will be appreciated.

If you are only going to be 2 months late max I wouldn't bother - it will usually take them that long to get around to collecting it anyway