Can't Pay Your Tax Bill? These Steps Protect Your Business #143
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Can't Pay Your Tax Bill? These Steps Protect Your Business #143
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Struggling to pay a tax bill is far more common than most business owners realise, and the way you handle it can affect your borrowing for years. In this episode Claire explains how HMRC time to pay arrangements work, which tax bill to defer first when you have several due, and what to think about before you pick up the phone. It’s useful for owners of six and seven figure businesses with lumpy or seasonal cash flow.
Key topics covered:
- How an HMRC time to pay arrangement works, and why agreeing it before the due date can avoid penalties
- Why a quarter of VAT-registered businesses were penalised for late payment last year
- Why corporation tax is usually the bill to defer, and PAYE and VAT the ones to protect
- How interest on VAT and PAYE costs more than it looks, because it isn’t tax deductible
- How HMRC debt on your balance sheet can affect bank lending, overdrafts and commercial mortgages
- Why time to pay has tripled since 2020, and why a 12 to 36 month cash flow forecast should come before any decision
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ABOUT THE HOST:
Claire Hancott through Profit Cash Growth helps 7 & 8 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.
As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.
Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
*The content of this podcast is for entertainment purposes only and does not constitute professional advice.