This article will examine what happens if you pay your corporation tax early, which can be a win-win situation if the funds are available. Her Majesty’s Revenue and Customs (HMRC) will pay you interest on tax repayments when you overpay your taxes. This is known as “repayment interest.” HMRC also has a little-known policy regarding…
We have an Associate Dentist joining us as a new customer. This follows a rather stressful HMRC investigation into five years of their previous expenses. Unfortunately for the associate, they had failed to keep accounting receipts as evidence of their associate payments, and HMRC disallowed several expenses upon which they had claimed a tax deduction.…
Paying your taxes after they are due is accessible by setting up an EXTRA TIME TO PAY HMRC arrangement for your next self-assessment, VAT or PAYE tax payment. To support individuals and businesses struggling to pay their next self-assessment, PAYE or VAT taxes, HMRC is encouraging the use of its online tool to set up…
Paying your personal taxes on account means that you will pay half your annual tax payment twice a year ‘on account’ in January and July rather than having to find a large lump sum all in one go every January. By understanding what payments on account are, you’ll make more informed decisions about your taxes.…