Dealing with Late Tax Payments: Minimising Penalties and Interest
May 18, 2023
We've all experienced moments of forgetfulness, and sometimes that extends to important financial obligations like income tax payments. In this blog post, we'll explore how reaching out for assistance before making a late payment can lead to alternative options that may minimise the financial impact.
If you find yourself in a situation where you've forgotten to make a tax payment on time, don't panic and rush to pay the Inland Revenue immediately – you will have to pay penalties and interest. Instead, contact the team at Malloch McClean first! Our team has the knowledge and access to tax pooling companies, enabling us to provide you with better options for handling your late tax payments.
What are tax pooling companies? These entities specialise in purchasing tax payments from individuals or businesses at significant dates and reselling them to others who require the payment at a later time. The benefit of utilising tax pooling companies is that they often offer more favourable interest rates than those charged by the Inland Revenue.
The key to leveraging the benefits offered by tax pooling companies is proactive communication. By reaching out to us before making any late payments, you provide us with the opportunity to explore available options and find a solution that works best for your specific circumstances.
While it's natural to feel concerned and worried when realizing you've missed a tax payment, there are ways to minimize the financial
impact. Remember, we're here to help you navigate through these situations and find the best solution for you. So, before you panic and
pay the Inland Revenue, reach out to us first and see if we can minimise the penalties and interest you will be charged on your
late tax payments.