The following Owner-Managed Businesses guidance note Produced by Tolley in association with Emma Broadbent of Grant Thornton provides comprehensive and up to date tax information covering:
Whenever HMRC establishes that the tax self-assessed by a taxpayer is insufficient, but the check is still to be completed, it will normally request an interim payment of the anticipated further liabilities.
Making an interim payment (which may also be referred to as a payment on account or an on-account payment) will benefit the taxpayer as it will:
demonstrate to HMRC that the check is being taken seriously, with a realistic attitude being adopted to the likelihood of additional tax liabilities
provide an indication of the taxpayer’s cooperation and willingness to bring his tax affairs up to date
stop any late payment interest running on any corresponding amount of tax that may become due as a result of the check
spread the payment of any tax, National Insurance, interest and penalties that may become due as a result of the check
possibly encourage HMRC to be more sympathetic to a request for instalment arrangements
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