Contractor Tax Debts
The company, contractor Tax Debts, can help contractors, in tax trouble, to manage their tax debts by negotiating them with HMRC.
This will give contractors more time to get the tax money together.
HMRC want to get their money. So, they are happy to negotiate a deal so that contractors can pay them when they have got the money.
For a contractor, tax debts don’t have to be the end of the world.
Contractors Tax Problems
Although they try not to get into tax trouble, it can happen to contractors.
There can be many reasons. There are always unexpected downturns.
They may have committed their money to a big mortgage – just before the boom times end.
They may have invested their contracting money in the Stock Market.
When the market turns, they may find their shares plunging at the same time as they are out of work.
It’s also a lot harder to sell a property in a falling market.
Mortgage Needs to Be Paid
While they are out of work and not earning, the mortgage still needs to be paid. The car loan still needs to be paid.
The contractor’s partner and children still need to be fed and clothed. There may even be school fees to be paid.
Of course the contractor should have taken out the right insurance for being out of work.
But, in boom times, when there was plenty of contracts at great rates to go round everyone, there didn’t seem any need.
Contractors are optimistic by nature.
Although they are aware that it is a risky business they are too optimistic to bother creating a safety net for themselves.
And then the crash comes.
Hope for New Contract
They hope against hope that they get a new contract soon.
However, the market is bad. There are fewer companies looking for contractors. There are also a lot more contractors looking for work.
The competition is high.
And yet they still need to pay their bills.
The money that they had put away for tax then comes into play.
Hopefully they could spend that and then, when they are back in work, they can replace it.
However, sometimes that doesn’t happen.
Taxman Wants His Money
Then they start to fear what will happen when he taxman wants his money.
Maybe they would be in terrible trouble.
Maybe they would even go to jail.
They start waking uo with a start in the middle of the night terrifying the whole household.
However, they needn’t worry so much.
They are not the first person ever to fail to pay his, or her, taxes when they can’t afford to.
HMRC has come across this situation thousnads of times – maybe tens of thousands.
Smaller Initial Tax Payments
They are happy to have smaller payments, initially, knowing that the market will turn and the contractor can pay them more when they are back in work.
However, it is best not just to walk into their offices and ‘surrender’.
This is where the company Tax Debts comes in.
They can negootiate smaller inital payments by the contractors that HMRC and Tax Debts jointly feel the contractor can afford.
Contractor Accountants and HMRC
They can pay higher amounts when they are earning again. So, why can’t the contractor’s accountant do that?
The answer is that they prefer to have a hands off relationship with the taxman.
They have lots of other clients and are not keen to be over-visible to HMRC.
Indeed, it is often Accountants who contact Tax Debts on behalf of their contractors.
The Accountants often contact Tax Debts to ask them to liaise with HMRC over a contractor’s tax debts and their repayments.
Tax Services for Contractors
So, what can Tax Debts do for you?:-
- Help you to pay your unpaid tax bill and VAT bill.
- Solve problems for you like self-assesment.
- Help you gain control over your finances and pay your tax bill.
- Give you more time to concentrate on your business.
Take Over Financial Affairs
Not, only that, they can take over the organisation of all your financial affairs.
They know how to deal with the various people that you owe money to.
Mortgage companies, for example, have had customers before who had difficulty paying.
They would be open to a solution to defer payments.
It’s people not talking to them and ignoring letters that they hate.
Getting contractor Tax Debts in is like outsourcing your financial affairs to someone who has experience of being able to solve the problems you have.
Tailored Tax Solutions
They tailor each solution according to each person’s situation.
Then they can negotiate smaller regular payments to HMRC.
They are happy to give you a free consultation to look at potential solutions to your problems.
And if you think they can help you further, they would be happy to take it on.
Get your free consulation by just filling in the form below.