What Happens If I Don’t Pay the Balance on My Statement of Account?

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Negligence or omission in reclaiming or partially paying or even not paying at all that balance indicated on the Self-Assessment Statement of Account attracts penalties, interest and legal proceedings. The last aspect of penalties is that tax authorities may charge daily interest on any unpaid amount and/or have fix penalties for missed date. In its extreme, one may get his or her wages garnished or some assets attached by the authorities. To escape these consequences, think about the payments in advance, put the deadlines on the calendar and turn to the tax authority in case of financial troubles. Some of them provide the plans and options for paying off the outstanding taxes.

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