The deadline to file and pay your 2021/22 Self Assessment tax bill is the 31st of January. However, sometimes, our clients find that paying the tax they owe in one payment isn’t possible. This can happen for several reasons, but typically, the money set aside for tax has to be used for other emergencies. We also find that clients filing their assessments late may have higher profits to tax than first thought.
If you find that you cannot pay your tax bill and would rather not utilise a payment arrangement with HMRC, then releasing equity against your home via a remortgage could be an option. Not many lenders have this option, but as Independent Brokers, we have access to specialist lenders who might consider this.
Releasing equity to pay a tax bill may not be suitable for everyone. Therefore, before recommending this solution, we will fully appraise your circumstances so that you have peace of mind knowing that a remortgage is an appropriate solution for you.