Can't pay tax on time

Amyjj13

I'm gonna struggle to pay my tax on time by the 31st Jan due to circumstances which were out of my control. I owe 2000 and ill only have about half of it. I was wondering if I asked for an extra 5 months to pay it off would they let me amd also woukd it affect my credit rating because in April I will be applying for a mortgage

Caz3121

Amyjj13 wrote: »

I was wondering if I asked for an extra 5 months to pay it off would they let me amd also woukd it affect my credit rating because in April I will be applying for a mortgage

could you use some of the mortgage deposit money for the tax and replace it over the following months
otherwise contact them https://www.gov.uk/difficulties-paying-hmrc

chrismac1

If you're struggling to come up with £1k for tax, is it wise to be gearing up with a mortgage? On Wednesday it is very likely the Federal Reserve will increase US interest rates, it's then only a matter of time before the UK follows. I am advising all clients taking on debts to imagine how they would cope with interest rates 3% higher than current levels, as a "stress test" for their debt burden.

Depending on where you live, not buying may be a very shrewd move. Back in 1988 I geared up to buy a flat in London. When I completed on this deal I already had a sick feeling in my stomach. This was because the seller turned out to be a guy who owned 100 properties who was selling 80 of them. I figured he knew more about the London property market than a raw 23 year old and I was right. Though I managed to sell at break even in early 1990, 2 years later the value of the flat was down 30%.

At no time since then have I felt so strongly that another crash in the London property market is imminent. Quite simply, the interest rates of the past 6 years are the exception not the new normal. I fear a lot of people are soon to learn this lesson the hard way, better to learn hard lessons from other people's muck-ups and not your own.

sheramber

Amyjj13 wrote: »

I'm gonna struggle to pay my tax on time by the 31st Jan due to circumstances which were out of my control. I owe 2000 and ill only have about half of it. I was wondering if I asked for an extra 5 months to pay it off would they let me amd also woukd it affect my credit rating because in April I will be applying for a mortgage

You will need to provide some information when you phone

https://www.gov.uk/difficulties-paying-hmrc/when-you-call-about-your-tax-bill