Can Inland Revenue take payment by instalment ?

tcr_3

And if so what's the maximum period over which they can take payments ?

A family member disclosed today that they've received a monstrous (although, no doubt, accurate) tax bill, it's approx £25,000 pounds. His business is limping from month to month and he simply hasn't got the funds to pay this as a one off, nor has he the ability to borrow to pay it off. He's scared they'll push for bankruptcy eventually, with all that entails.

Has anyone ever negotiated repayment terms on a tax bill with HMRC ? Is there any online guidance for such things ?

I've got him booked into the local CAB on Thursday for advice. Just wondered if anyone could assist me here meantime, thank you.

goingforward_3

Sometimes they will work with you and do a repayment plan, they do charge interest something like 3% apr(cant remember the exact amount).

We for various reasons needed 1 extra month to pay our tax bill this year but i rang them before the payment was due and explained and they gave me 6 weeks , but i had to go through the reasons why etc, it wasnt just a case of ring up and saying hi can i have extra time, they really wanted to know the details.

That said our bill was nowhere near that of your uncle and we only needed a little extra time.

Everyone seems to thing ohh its the Inland Revenue so they wont want to help, in my experiance if you are upfront with them and dont ignore the problem they are ok..the problems come when you bury your head.

fermi

Taxaid have some very good info on their site.

Problems paying your tax?

You need time to pay

And much more. You can also contact them for advice I think.