When a business owner receives a notice stating that their tax return or their business is going to be audited, the first thing they should do is seek professional tax advice. This is common for all types of people; when they receive collection letters, they should get professional tax advice. Many issues can arise as a result of a failed tax payment.
Tax Issues you Could Face
Unpaid Taxes – When money is owed for your taxes, but it has not been paid. This is big problem for HMRC as it’s seen as violating tax laws. Seek professional advice when notified.
Non-Filers – Tax forms that have not been returned, or have not entirely been filled out. This is as HMRC see this as not dealing with it as ‘reasonable care’. This can lead to penalties so an accountant is recommended.
Tax Avoidance – This is when taxes are ignored altogether. This can damage the reputation of a company, and can even incite tax fraud investigators. (Visit our tax investigation page for more information).
Penalties – When filing your taxes late, or not filing them at all, you can incur hefty finest. Every more reason to contact a professional.
How to Create a Payment Plan
Full Payment – When you are paying tax and pay the full amount on the notice. This option isn’t always the best, as your tax bill could be inaccurate. Due to dates you could be possibly overpaying or underpaying. It’s always in your best interest to pay in full as soon as you can minimize the additional charges. Seek our expert accountants to discuss further.
Instalment Agreement – If you’re unable to pay your tax return immediately, you can always pay it in instalments. It’s typically best to seek professional tax advice, as a good accountant can work out a payment plan that fits yours and HMRC needs.
Pay the Correct Tax – An issue that could be faced is an ‘understated’ tax document. This is when a tax document such as a self-assessment is filled in with lower than expected figures. HMRC do not take this lightly and will possibly send over a penalty. At Carrington Blake Accountancy our professional accountants are on hand to discuss any issues with HMRC on your behalf. Tax laws are always changing so doing this is recommended.
How We Can Help
If you’re looking to find someone to help you with your tax return, you need to look no further. Here at Carrington Blake Accountancy, we have a team of tax experts who take pride in giving our clients the lowest cost high quality tax services they need. If you’re experience any of these tax issues or need help with your tax return, contact us today to receive a quote!