If you are a small business owner and are feeling the pressures of the cost-of-living crisis – you are not alone.
A recent report indicated that over 500,000 small and medium-sized enterprises (SMEs) are struggling to pay their tax bills. This is roughly 10% of all SMEs. Just over half of these companies are behind with Corporation Tax, while a third are late with payment of their VAT.
Thankfully, there are ways to pay tax bills with more leniency. HMRC allow you the option to set up a payment plan for Corporation Tax and VAT – giving you the option of making your payments in instalments.
As well as Corporation Tax and VAT, you can also set up a payment plan for PAYE and Self-Assessment Tax.
It is important to contact HMRC as soon as possible if you won't be able to pay your tax bills on time and want to set up a payment plan.
Contact us today if you want help setting up a payment plan.