Overdue taxes

scaredofthevatman

Thanks redkelly. I feel so sick i can't sleep right now and haven't told anybody about this. No one has even questioned why the payments haven't come out of the account (not even bank manager or accountant) so i have buried my head in the sand for far too long!!

I won't make this mistake again and am making sure my April return is all sorted on time but just hope that they listen to me instead of just saying no straight away!!

Mikeyorks

Do it yourself ..... do not get an accountant or Debt agency to help. They will make no better impression on the two major components of HMRC, that you owe, than you will.

But do make sure, for both sides, that the paperwork (VAT & PAYE {no mention of SA or CT ?} Returns) are up to date. Do the VAT first - they tend to be the most difficult. But PAYE does follow closely as it's a 'witholding' tax and therefore construed as not your money to fund your business with?

Best of luck.

redkelly

I know what you mean I felt sick and couldn't tell anyone at first, Never slept thinking where is anyone in gods name going to get £36,000 to pay them off!!!! more than I had in saving or could lay my hands on.

I sorted it all myself never got the accountant involved, just thought thats someone else I have to pay!!!!
Just put your case to them and explain you can pay £2000 now and can you pay the other £10,000 over xxx amount of months.
Some of them do really have hearts....

Good luck with it all I am off to bed, you try and get some sleep things always look better in the morning.....so my mum always says!!!!

scaredofthevatman

Thanks for your help Mikeyorks. I am up to date on SA. I figure the VAT will be worse as it is more overdue than the PAYE.

Worst comes to the worst i can ask my family for the money but then i would have to admit to my stupidity. I am such a coward!

I will phone myself then as planned.

Mikeyorks

scaredofthevatman wrote: »

Worst comes to the worst i can ask my family for the money but then i would have to admit to my stupidity.

With respect, that might be the better option than this heartfelt bit in your OP????

If they do i will have no option but to sell my business and i will be completely heartbroken as i have been working 100 hour weeks to make it work for the last 2 years and am finally seeing a way to make a profit