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income tax

  • 14-09-2009 9:10pm
    #1
    danielboon
    Closed Accounts Posts: 7 ✭


    Hello all..

    My friend owe's 20k in income tax for 2008, and is due at the end of october.. 2008 was a busy year for him, he has a mortgage, two kids, bank loans and a credit union loan.. 2009 was a very bad year for him bairly any contracts were coming in, and he ended up having to digg in to his income tax for 2008 to meet with mortgage payments and all other bills. Now i know that if you dont pay your income tax they will come and take your things, not that he has stuff of any value. He is worried that he might go to prison, because he cant pay.. My friend is a very nervous person, and is a wreck over this..

    Whats the worst can happen to him if he cant pay? Thanks.


Comments

  • #2
    danielboon
    Closed Accounts Posts: 7 ✭danielboon


    is there anyone that can help?


  • #3
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    The first thing is that you must make sure that you do file your return on time and not late as otherwise you will incur a surcharge of up to 10% of the unpaid tax.

    When you do file your return, then you may ask the revenue to enter into an installment arrangement to pay off the tax over up to two years. However as the interest rate charged by them is quite high you would try to find a more cheaper form of finance as soon as possible.

    Hope this helps

    dbran


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