Paying tax and VAT, on top of your day to day outgoings, can be a major worry for a business owner or sole trader. If your cashflow situation makes it difficult to pay your charges, you can get advice to help you decide how to spend your time and money to reduce any penalties and make it through to easier times.
A really simple piece of advice we can give is ALWAYS file your returns to HMRC, even if you’re worried about paying the bill. In the case of self assessment tax an un-filed return can cost you much more than the late payment charges.
So if you get your return in, you can spread out making the payments and incur much smaller penalties.
A bookkeeper can give advice on what to concentrate on, help with your self assessment tax return or even help you decide which charges to pay first if cash is limited. When you look at the penalties for filing late (up to £1300 for missing the self assessment deadline by 6 months), seeking some professional help may end up saving you money.