Any 2007/08 tax (but not 2008/09 payments on account) unpaid by 28 February 2009 attracts a 5% surcharge as well as interest (interest also applies to 2008/09 payments on account). This is costly for being a month late in paying,so we advise you settle as soon as possible. Alternatively call the Business Support Helpline if you want time to pay.
With regard to the 2008/09 payment on account we may have reduced it already based on known circumstances. For those with December 2008 through to April 5 2009 year ends (and indeed any year ended in the tax year to 5 April 2009) we reecommend having accounts prepared as early as possible so that the 2008/09 tax liability can be quantified as accurately as possible before the July 2009 instalment becomes payable. This may ease your cash flow, and, if you have made a loss given the current economic climate we will be able to decide how best to utilise this and possibly obtain a repayment of tax already paid.
Contact us for assistance or to discuss further.
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