Joy & Co Chartered Certified Accountants

What to do if you can’t pay your tax.

TikTok · Joy & Co 127 likes, 19 comments. “The deadline to pay your self assessment tax is 31st January. But what if you don’t have the money to pay it? Might be time to set up a payment agreement with HMRC 😳”

Ending the evening at the Penthouse of the hotel. Good music, good vibes and lethal cocktails🍹 Thank you Dubai it’s been a blast 💥

Whether you're trading as a sole trader or a limited company it is absolutely essential that you have a separate bank account through which you run your business.

For one thing it keeps your private spending private. When you hand over your personal bank statements do you really need me to be seeing how much you spend at Uber Eats and the local offy!

For another it gives you some protection from HMRC. If they ever enquire into your accounts they will delve into all bank accounts that are relevant to the business. The onus will be on you to convince them that the £1000 receipt was just repayment of a loan or birthday money and not undeclared income.

Finally, and most importantly in my view, it makes the accounting so much easier. If all your business transactions are in once place it saves confusion and is a lot quicker and easier than having to filter out business receipts and payments from among the countless other ins and outs going through your bank account.

So do yourself and your accountant a favour. Get a separate account for your business and keep your personal spending to your own private bank account.

Is dealing with payroll stressing you out?
Is doing your VAT return stressing you out?
Is your tax return stressing you out?
Are your accounts stressing you out?

Do yourself a favour - keep calm and hire an accountant.

A good accountant will take all this off your hands giving you the headspace to better run your business.

Let Joy & Co bring some calm back into your busy fife.

Give is a call. We’d love to hear from you.

Is DIY accounts all it’s cracked up to be? We don’t think so. You might be saving on your accountancy fees but you’re possibly missing out a whole host of tax saving opportunities.

A decent accountant can save you more than just their fee in the taxes saved and the sooner you get one on board, the sooner they can start saving you some real money.

If you’re looking for expert and friendly advice for your small business hit the link in the bio. We’d love to hear from you.

What do you do when it’s time to pay your self assessment or your
corporation tax but can’t decide whether to pay HMRC Shipley of HMRC
Cumbernauld?

Well, the rule of thumb is: if you know it’s Shipley then pay Shipley. If
you know it’s Cumbernauld then pay Cumbernauld. If you don’t know which it
is then pay Cumbernauld.

Did you find this helpful? If so feel free to share this post with anyone
else who needs to know.

Did you know that before you can pay a new you MUST "verify" them with HMRC?

Verification will tell you:
👉 whether they're registered for the Construction Industry Scheme (CIS), and
👉 what rate of deduction you have to make before paying them

You will need to have registered yourself as a contractor under the scheme and the subcontractor will have to provide you with:

👉 their UTR
👉 their national insurance number if they're a sole trader
👉 the company name, company and registration number if they're a limited company
👉 nominated partner details, trading name and partnership UTR if they’re a

You can verify subcontractors using the free CIS online service or commercial CIS/payroll software.

You’ll need to use commercial software if you need to verify more than 50 subcontractors.

If you're a new contractor or subcontractor and you need help running your CIS scheme correctly, get in touch. We'd love to hear from you.

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Now we thought this was pretty obvious but it seems not, so we're saying it louder for those at the back.

Despite what Dave down the pub says, we can't get you a tax refund if you haven't paid any tax.

But it's not all doom and gloom. If there is a tax rebate to be had you can be sure that we'll find it and get it back from HMRC and into your hands as quickly as possible.

We'll also make sure that allowances and tax reliefs are claimed to minimise the actual tax that you do pay.

So if you reckon you're due a refund or need help in minimising your taxes hit the link in the bio and get in touch.