Mark Sharpley explains how to keep the taxman at bay...
Law firms struggling to juggle tax bills and reduced income streams can contact HMRC’s Business Payment Support Line for advice. The support service deals with income tax, VAT, PAYE/NIC and corporation tax and can assist firms who want to defer payment of those taxes which are not overdue. Subject to the level of the debt, decisions can be made over the telephone (0845 302 1435) and there is a phone back service for larger debts. Businesses that have asked for more time to pay tax do not have to pay any bills until a decision has been made. A 4.5% interest rate on the outstanding sum will be imposed on those that are granted permission to pay late, but all surcharges for late payments will be dropped.
Pre Budget Report
In his Pre Budget Report last November the chancellor announced modest changes to the provisions for the relief of losses for both incorporated and unincorporated businesses. In brief, modest amounts of losses may be carried back. For unincorporated businesses,
