income tax & VAT bill query

[ringostarr]

I have an outstanding income tax & VAT from 2006/07 bill. I am currently paying a small amount monthly but the bill is 30k+. so at the rate I am going it will take 5 years at least to repay them. With interest and penalties continously been incurred I feel I am chasing my tail.

A few friends have said to me that I should approach the revenue commissioners and try cut a deal with them as in will they take 25k and leave it that.

Has anyone ever heard of the revenue cutting a deal/accepting a lump some or will they chase you until they get everything they are owed.

 

[papervalue]

I have an outstanding income tax & VAT from 2006/07 bill. I am currently paying a small amount monthly but the bill is 30k+. so at the rate I am going it will take 5 years at least to repay them. With interest and penalties continously been incurred I feel I am chasing my tail.

A few friends have said to me that I should approach the revenue commissioners and try cut a deal with them as in will they take 25k and leave it that.

Has anyone ever heard of the revenue cutting a deal/accepting a lump some or will they chase you until they get everything they are owed.

What Amount and year is inome tax for

What amount and period is vat for

Just give rough figures ie is it one vat period or a number of vat periods and what is period and amount?

What is principal before interest/penalties?

Where would you get a lump sum to pay them now?

 

[ringostarr]

income tax is for 2006 & 2007 - €27000 penalties & interest apprx €6000
VAT is for last 6 months of 2006 & first + 6 months of 2007 - €10000 + penalties & interest €6000.
The money will be from my parents or a bank loan in their name

Thanks

 

[papervalue]

income tax is for 2006 & 2007 - €27000 penalties & interest apprx €6000
VAT is for last 6 months of 2006 & first + 6 months of 2007 - €10000 + penalties & interest €6000.
The money will be from my parents or a bank loan in their name

Thanks

What is the core tax figure is it 27k income tax and 10k vat

Not sure what you mean by penalties(Is it a surcharge for late return or was it Revenue Audit )

Have you talked to your current accountant about it.

You would want to think long and hard about what to do before approcahing revenue. At least have a strategy.

If they become aware straight away that money is coming from parents- may go for full amount as bascially they could see a blank cheque avaiable to them without cutting back on interest etc

I would say a lump sum deal could be done(They will want at least the main tax) might get away with interest and penlties

Other point of note getting a loan from parents- Be careful when to play your card of what money you have avaible to pay- You be better to look for a final deal from revenue before getting the loan

If it is a revenue solictor acting on behalf of the revenue that is after you- They will look for all payment including any penalties/interest and would eventually push for a court judgement. Once a revenue solictor involved normally revenue wont deal with you and must deal with their solictor.

Depending on amounts due- I would try paying off smaller returns first, It just looks better that say 20k is due over 2 returns that 6 or 7 returns.

What is your current del ith them?

Do you have any C45 tax to offset?

Is it debt management in revenue pushing this?