Time to Pay...

[Bluebird]

Am I right in thinking that the Gvt has introduced some measures whereby small businesses can apply for additional time to pay certain taxes?

Does it include CT?

[CiderEagle]

This is something that has been exercising my mind for a couple of months. I have a large Corp Tax bill looming based on last year's income, which was excellent, but I have to pay it this year, when my rate has taken a hit - additionally the current contract is coming to an end in a few weeks !

This link would seem to indicate that delayed payment of Corp Tax is a possibility. Think I may give them a ring - will report back here when I do.


http://www.hmrc.gov.uk/pbr2008/business-payment.htm

[basshead]

This is something that has been exercising my mind for a couple of months. I have a large Corp Tax bill looming based on last year's income, which was excellent, but I have to pay it this year, when my rate has taken a hit

You mean you spent the money you should have been putting aside for CT?

[VectraMan]

This is something that has been exercising my mind for a couple of months. I have a large Corp Tax bill looming based on last year's income, which was excellent, but I have to pay it this year, when my rate has taken a hit - additionally the current contract is coming to an end in a few weeks !

That should only be an issue if your clients have been late paying, or you're an idiot.

Don't spend your CT (or VAT) money.

[CiderEagle]

Nah, I've got the money, but I'm looking ahead to the worst-case scenario where I have no income for three months.

[expat]

Nah, I've got the money, but I'm looking ahead to the worst-case scenario where I have no income for three months.

Closely followed by having no income and having a tax bill that you can't pay?

[CiderEagle]

Closely followed by having no income and having a tax bill that you can't pay?

You make a good point ...

[SuperZ]

This is something that has been exercising my mind for a couple of months. I have a large Corp Tax bill looming based on last year's income, which was excellent, but I have to pay it this year, when my rate has taken a hit - additionally the current contract is coming to an end in a few weeks !

This link would seem to indicate that delayed payment of Corp Tax is a possibility. Think I may give them a ring - will report back here when I do.


http://www.hmrc.gov.uk/pbr2008/business-payment.htm

I thought it was breaking the law to spend corp tax? Enough funds have to be kept in the accounts to pay all estimated company taxes, so even in a new tax year, if you have received some payments you cannot spend the estimated corp tax part of it?

[gingerjedi]

I thought it was breaking the law to spend corp tax? Enough funds have to be kept in the accounts to pay all estimated company taxes, so even in a new tax year if you have received some payments you cannot spend the estimates corp tax part of it?

Really? I've had a directors loan that has to be paid back before CT is due, accountant didn't seem bothered as long as I paid in time. Starting to panic a little now.

I notice on the CT600 form the extra tax for my director’s loan was calculated? I assume this is in case I don't pay it back by then?

[FSM with Cheddar]

I thought it was breaking the law to spend corp tax? Enough funds have to be kept in the accounts to pay all estimated company taxes, so even in a new tax year if you have received some payments you cannot spend the estimates corp tax part of it?

Common sense, not law me thinks.