All individuals and businesses are expected to pay their tax liabilities to HM Revenue and Customs (HMRC) both on time and in full. For many businesses, particularly in the current economic climate, this is easier said than done.
Hundreds of thousands of businesses have requested time to pay arrangements from HMRC to help with their tax payments.
Struggling to pay your tax debts on time is a problem for many businesses and finding the money to pay for tax liabilities can be difficult.
It’s advisable to look at all options to raise the necessary funds, including:
Still Struggling to Find the Money to Pay Tax Debts
If you’re still struggling to raise the necessary funds to pay your HMRC tax debts, it’s advisable that you contact HMRC as soon as possible. Failure to contact HMRC before the due date of the payment request may result in a penalty or surcharge, plus interest charges.
When you contact HMRC, you will need to:
Following this conversation with HMRC, you may find that you can pay back the tax debt in full. If you can pay the debt in full, you will have to do so. It’s possible to pay your tax debt over the phone by Direct Debt, by debit or credit card, or by BACS payment. If you have been given chances to pay your debts off in the past, you may be given more pressing questions.