[james stanley]

I have been made aware that I have a nice £7k tax bill to pay in jan ..... I have completely miscalculated that it was going to be this much and will not be able to pay it by jan 31st ... really worried about it tbh....can anyone advise me ?

[Frankybadboy]

i may be wrong but have a word with a accountant and i think that changes can be made within a time frame

[PoleKing]

Call them.
Tell them you can't afford it.
Pay what you can.
HMRC aren't as bad as you might think. But you have to be honest.

[Smudger]

As above, be upfront, offer a realistic payment plan and stick to it, muck them around and you'll get to leeway.

Darran

[C o z y]

An accountant would have warned you about this long before it became a problem mate. If you've got an accountant already, sack them and get a proper one.

[Jonny 87]

I have been made aware that I have a nice £7k tax bill to pay in jan ..... I have completely miscalculated that it was going to be this much and will not be able to pay it by jan 31st ... really worried about it tbh....can anyone advise me ?

You mean to tell me you've been turning over a minimum of £50,000 and you havnt realised your tax bill was going to be so much?

Can't really understand that, but yeah, tell hmrc straight. Set up a payment plan. They accept monthly payment plans.

[8weekly]

I have been made aware that I have a nice £7k tax bill to pay in jan ..... I have completely miscalculated that it was going to be this much and will not be able to pay it by jan 31st ... really worried about it tbh....can anyone advise me ?

You mean to tell me you've been turning over a minimum of £50,000 and you havnt realised your tax bill was going to be so much?

Can't really understand that, but yeah, tell hmrc straight. Set up a payment plan. They accept monthly payment plans.

£7k would equate to around £30k profit with the on account payment. Very rough figures, but it's unlikely costs would be £20k+. I agree though it seems daft not to realise there's going to be tax due.

[Jonny 87]

I have been made aware that I have a nice £7k tax bill to pay in jan ..... I have completely miscalculated that it was going to be this much and will not be able to pay it by jan 31st ... really worried about it tbh....can anyone advise me ?

You mean to tell me you've been turning over a minimum of £50,000 and you havnt realised your tax bill was going to be so much?

Can't really understand that, but yeah, tell hmrc straight. Set up a payment plan. They accept monthly payment plans.

£7k would equate to around £30k profit with the on account payment. Very rough figures, but it's unlikely costs would be £20k+. I agree though it seems daft not to realise there's going to be tax due.

Yeah that's true,

Plus your tax allowance though of £10,000 so you'd be turning over not far off 50k, mayb a bit under, but still. You must be doing alright for yourself with those figures so it's daft to not put that kind of money away.

Suppose it does happen though.

[rosskesava]

On the kind of turnover that results in a £7 000 tax bill I would have thought it wouldn't be a problem especially as it's not due till the end of Jan.

How much did you expect to pay?

If you pay late, all HMRC add on is the base rate interest plus a bit.

[Dave Willis]

Sounds odd - surely that would be payment on account? Are you due another bill in July next year?