How can you pay your tax bill?
Category: Accountancy | Nov 28, 2017
At the end of the process when the work has been done and hopefully explained to you then you need to think about paying the dreaded tax bill. This part frustrates so many clients because they feel as if accountants assume they should know when and how much to pay and get on with making the payments.
So at Beans we don’t just send you away we concentrate on helping you make the payment either on line here in our shop or on the telephone with a card payment in the shop. We will even fill the remittance form in for you and post it with a cheque or you can take it to the bank to pay.
There are things that can be done if cash flow is tight or your business is struggling but remember that HMRC will always start by saying that the tax you owe often 9 months after the period being taxed should have been saved and kept so be prepared for that.
HMRC operate a time to pay process which your accountant starts by contacting them and opening up the discussion. HMRC will often then want to speak to the client and understand why time to pay is being requested and what has caused the problem. This is where sitting with and bouncing the idea’s and issues off your accountant is crucial to success and its something at Beans we are good at.
One other thing that helps take the stress off is choosing to reduce the payments on account that HMRC require to be paid twice a year in order to cover the tax year we are currently in. This isn’t a voluntary system but there may be good reason why tax for the next year will be lower, perhaps trading is lower or a client has gone part time. Accountants and clients should work closely together on all aspects of the tax bill to ensure you are not paying more than you should.
One bit of advice is don’t bury your head in the sand when it comes to paying tax. At Beans we remind you when and how much you need to pay twice a year by text, email or telephone. Its all part of the process so you should feel comfortable to come and seek some solutions around payment of your tax inn a way that you would expect advice and guidance on any other aspect of your tax and business affairs.
Beans Crewe are different because they recognise the importance of the small things like getting your tax bill paid and the resulting peace of mind or have someone fight your corner when cash flow is tough in order to try to arrange to spread the payments. Our service to our clients isn’t over until the client says so !.
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