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How to help clients who struggle to settle their self assessment bills
KEY POINTS
- Establish what tax is due on 31 January; it may not include the balancing payment.
- Penalties may be imposed under FA 2009 Sch 56 for late payments.
- A reasonable excuse or special circumstances may persuade HMRC to reduce the penalty.
- Taxpayers have various options as to how to pay tax.
- Time-to-pay arrangements should be made before any penalty becomes due.
How many of us overindulge at Christmas and then trip back to the office promising to tighten our belts – both in terms of health and finance?
The same is probably true of many clients. Some will have had unexpected expenses for other reasons perhaps a major repair bill; others will have received less cash than expected from their customers.
If they are going...
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