Corporation Tax Partial Payment Question

[mondeoman]

Its coiming up to that time of year when the g'ment want their slice of pie, but with current trading conditions (and poor trading over the last 9 months) its possible that the corp tax bill cant be met in full when it is due.

Thinking about paying 1/3 each month for the next three months (cash flow definitely allows that) and wondering what the possible consequences are. I know that for my personal tax bill it hasn't been an issue, they have simpley added some interest and re-issued the bill, but does it work the same way for corp tax or am I just inviting a st storm??

[audidug]

We are doing this for the same reasons as yours.Inform the tax office first of your situation and ask them if it is ok. If not you get a snotty letter demanding full payment.

Regards
Simon

[ukvoyager.info]

We did this also. Pay a small amount early and then more small amounts every 2 weeks. We ended up stretching it out 2 months over.

[mondeoman]

Job done - had a chat with a nice lady yesterday, negotiated 3 months to pay.

Just had to show that PAYE/NI was up to date, that VAT was being paid and that we could make th efirst installment and that was it .

Phew!

[sleepezy]

HMRC have become far more relaxed over time to pay negotiations over the last few months. I've started to see 2 year extensions again, these havn't been about since VAT/PAYE merged.