If you’re likely to have difficulty meeting your 31 July 2012 tax payment then you should be taking action now.
Firstly, discuss any significant changes to your profit level with your professional adviser in case it is possible to reduce the payments on account. If that’s not the case, you should consider contacting HMRC to discuss a ‘time to pay arrangement’, which spreads the burden. It won’t prevent interest being charged, but it can help avoid additional surcharges being imposed. Further details can be found here.
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