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Useful tips
YOU HAVE TO PAY TAXES,
Entrepreneurial activity involves many risks. For example: the goods were detained at customs, a natural disaster prevented the order from being executed, and no budget allocations were made in time.
There could be other unforeseen events. But you still must pay taxes, regardless of natural disasters, or delays with government funding.
There are cases when the company must spend all its working capital on timely payment of taxes. To continue the activity in the absence of money is extremely difficult. Perhaps soon such an enterprise will even be on the verge of bankruptcy. Or he will have to apply for a loan from a bank.
The Federal Tax Service is going to meet companies in a difficult financial situation and provides a deferment or installment plan for paying taxes.
OF TAX PAYMENTS
Deferral or installment may be granted for up to 1 year. They can be taken on one or more taxes.
When deferring tax can be fully paid until its expiration (within 1 year). In installments – tax can be paid in parts in accordance with the adopted schedule.
Deferral (installment plan) is usually not on the full amount of taxes, but on its part. That means that some amount the company will still have to pay regularly. If the payment schedule is violated, the contract with the tax will be automatically terminated. This can be critical if the company has an unstable financial situation and cash flow interruptions.
The Federal Tax Service provides a deferment (installments) not for free. Interest is calculated on the amount of tax debt based on a rate equal to 1/2 of the refinancing rate of the Central Bank of the Russian Federation. Now, it is 3.625%.
It is not excluded that commercial banks will give a loan to a company in need of financing at about the same interest. And then it’s easier to get loans from them. But much depends on the terms of the contract with the bank and other circumstances.
When the Federal Tax Service considers an application for granting a deferment (installment plan), the existing contracts of the company are of great importance. In the presence of net assets, “fat” income contracts will help to get the best conditions for deferment (installment plans).
DELAY AND INSTALLMENT
One of the reasons for which the Federal Tax Service provides a deferment (installment plan) is “the threat of occurrence of signs of insolvency (bankruptcy) of the interested person in the case of a lump-sum tax payment”.
But with the threat of bankruptcy, installments (deferment) are provided for an amount not exceeding the value of the organization’s net assets. Net assets are part of the assets of a company that will remain with it after it settles with all creditors.
In other words, if the authorized capital of the company is small and a it has a lot of debts, then it has almost no net assets. And this means that the FTS will not provide a delay (installments) to it.
If there are still net assets, then the property included in their composition will become the subject of a pledge of the Federal Tax Service. This is not very convenient for bankrupt companies, if for recovery they are going to sell off fixed assets.
But if the company plans to use these fixed assets (or financial assets) for production, the fact of the pledge will not prevent it from working.
On the contrary, if the property is pledged to the FTS, other creditors will not be interested to bankrupt it. Indeed, in this case, all the “cream” of the bankruptcy will be skimmed off by the state.
Sometimes this tax protection can help an enterprise negotiate with other creditors and preserve assets.
The FTS has a special methodology for analyzing the financial condition of companies that have applied for a tax deferral (installment plan).
The analysis takes into account all financial indicators. Including: current and estimated revenue, current ratio of current assets, degree of solvency, cash flow to accounts in recent months, and many others.
The FTS must make sure that the lump-sum payment of taxes will adversely affect the financial situation of the company and will cause it to go bankrupt. And in the case of deferment (installments), the company has good chances to improve its position. If the business has no prospects and the tax delay (installment plan) will not help, the FTS will not support such a company.
If the company’s financial indicators are far from the required values, it will be difficult to get a deferment (installments). Sometimes it is easier to negotiate lending with commercial banks. They may accept as collateral the property of other persons or the guarantee of guarantors. Such option is not possible with FTS.
Some companies FTS provides investment tax credit. It is given from 1 year to 5 years, and sometimes up to 10 years. But for this the activity of the company must meet certain conditions.