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Where Taxpayers and Advisers Meet

Won't be able to pay Corporation Tax bill on time

Joined:Tue Oct 26, 2021 4:04 pm
Won't be able to pay Corporation Tax bill on time

Postby LandB » Tue Oct 26, 2021 4:13 pm

Hi all, firstly thanks in advance for your time and help.

My account just filed my accounts for 20/21 and I've got a corporation tax bill that I can't pay. My business took a big hit early this year, down to about 20% of the previous year's earnings, the other director stopped taking a wage and got a full time job elsewhere, I went self-employed and the business went dormant. I meant to get all this sorted already but I contracted meningitis a few months ago, spent some time in the hospital and am still not fully recovered (rough bloody year!).

Anyway, the business hasn't taken money since May, the account is -0.69p. I've got a bill for £2.5k and I can't even pay the accountant yet, let alone HMRC.

From googling it seems the payment cut off is Jan 31st as that's the period my accounts ran from 1/2 - 31/1. Is the best bet to contact them ASAP and let them know? It's a LTD company so will they even accept a payment plan from me as a director? It'll be my own personal money I'll have to pay in.

Can they come and take my car and things from my house? I didn't take exorbitant wages or dividends. I think we took 8k wages and 5k dividends each over the year.

I'm in a bit of a panic. I didn't think we'd owe anything, at least not that much. We weren't doing great anyway due to Covid, then things got even worse and I just assumed we'd be under (silly of me, I know).

Thanks again for your time.

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