A tax bill is never good news, but an unexpected one is worse

Unexpected tax bill

Thursday, 27th February 2020

Was your tax bill a surprise resulting in a chunk of your hard earned savings going to HMRC? Perhaps it was completely unexpected!

Following the self-assessment payment deadline, an unexpected tax bill or one that is far worse than advised has left many individuals unable to pay the tax they owe to HMRC.

Does this apply to you? Onyx can help you:

HOW – DECLARE IT

It is important to be transparent as HMRC will inevitably catch up with you.

If you have a tax bill that you cannot pay immediately then HMRC need to know.

Onyx can help you work out how much you can afford to pay now and how much you can afford to pay later.

For liabilities less than £10,000 you may be able to set up a payment plan and pay in instalments,

Where you have had difficulties settling your tax bills previously, HMRC will need more information about your personal circumstances.

Things will only get worse if you leave a large tax bill to fester. Call our tax team who are on hand to talk you through the options and give you professional advice.

WHAT HAPPENS NEXT

Our tax specialists will ensure your return was completed correctly.

You will need to gather all the information you can.  There is always the chance that a mistake has been made somewhere. If you cannot find something then we can liaise, on your behalf, with your employer, your pension provider and your bank, to retrieve all the tax information relating to you.

By recalculating your tax position, we may be able to revise your original tax return as it could potentially be the key to reducing your tax bill.

Any additional tax arising as a result of revising your tax return must be declared along with arrangements to settle the extra tax due.

PLANNING AHEAD

In order to avoid history repeating itself, it is important to plan ahead.

Having a history of paying your tax late is a situation best avoided. Onyx can help with cash flow management  and a review of your business drawings to make sure that your tax bill is neither a surprise or one that is larger than expected.

We can show you how to keep precise records and make a solid plan. If record keeping is not for you then leave the bookkeeping to us. At Onyx we have a dedicated team who can manage the paperwork leaving you to focus on running your business.

ONYX RECOMMENDS

We always recommend completing your tax return early, so you know how much tax you need to pay and by when.

It makes perfect sense particularly if you are due a refund, to receive this as soon as possible or make provision for any additional tax payments due by 31st January 2021.

We are working with many existing individuals and business owners and are already preparing their 2019/20 tax returns. We are ready to help you too.

At Onyx we understand how daunting dealing with tax and large tax bills can be. Whether personal or business, our team of experts know everything there is to know about planning for tax. Contact us today.

By using Onyx Accountants and Business Advisors to undertake your personal self-assessment and tax return you eliminate the worry which allows you to concentrate on running your business.

 

If you have any queries, or want to discuss further, please give us a call us or e-mail us at  enquiries@onyxaccountants.co.uk for a FREE no obligation consultation.

GET IN TOUCH WITH ONYX

Got any questions or queries? Our friendly team of tax specialists are happy to help. Just drop us a line! Call us on 0121 753 5522 or 01902 759 800.