Posted by Cedric Joshua Martinez
Jun 3, 2015 11:00:00 PM
Admittedly, it is very difficult to manage debts. This is especially true for small businesses that do not have a stable and reliable cashflow. Among the different debts that SMEs might get wallowed into, tax debt is probably the most difficult to get out of. Generally, if you don't settle your tax debt immediately, another set of tax penalties will be charged to your tax bill. Good thing there is such a thing as Special Relief, a unique tax arrangement that will give corporate taxpayers more leeway in settling their tax bill.
As it is, Special Relief is most commonly seen as the last resort for business owners who need to settle their tax debts but couldn't do so prior to the tax return deadline. However, it is important to note that not all corporate taxpayers are eligible for Special Relief. In fact, you need to meet certain qualifications before availing it. Here are some of them:
If you pass these qualifications, the next step is to declare some pertinent information about your tax bills, such as:
Managing tax debt is not easy. While the UK taxation laws provide a number of options like Special Relief, it would be so much easier to pay your taxes in full prior to the deadline.
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