It’s the difference between getting help or giving you hell!
In these tough times many businesses are finding it difficult to keep up with their tax payments. So it’s more important than ever to be on the right side of HMRC.
Basically the taxman is going to decide pretty quickly if you are in the “can’t pay” or the “won’t pay” category.
If you have kept in contact with the authorities and let them know when there is a problem or perhaps defined a payment schedule in advance, then you should be treated as a “can’t pay”. This means that you’ll get more leeway in the negotiations and, perhaps, avoid late payment penalties.
If, on the other hand, you simply ignore the tax bill or worse still you pay other bills first then HMRC will put you in the “won’t pay” category. This means that they will move very quickly to collect payment through the courts and enforce costs and penalties too.
To find out how Lewis Smith & Co. can keep you on the right side of the revenue call us today on 01384 235549 or email email@example.com
Lewis Smith & Co. – Supporting start-up businesses around the Black Country