Is your business behind on tax payments? Do you have outstanding VAT, NIC or PAYE taxes? Have you been notified by HM Revenue & Customs that they plan to take action? Being in arrears when it comes to your taxes is the type of mistake that can seriously undermine your business. HM Revenue & Customs are not known for their forgiving attitude. Quite the contrary. They have a well-deserved reputation for initiating swift action to recover overdue tax payments, and they give new meaning to the word ‘persistent.’ Because of this, it is crucial that you assign any HMRC arrears the importance they deserve and work with HMRC to devise a tax payment plan that will return you to good standing. TruSolv can help you do this.
If your company is experiencing a cash flow emergency, payments to HMRC are often one of the first things that get pushed to the back burner. While this is perhaps understandable and it may work to a certain degree in the short term, it can leave your company in HMRC arrears; a situation any reasonable director will want to avoid if at all possible.
That’s because HMRC is unlike other creditors. If HMRC determines that your account is in arrears, you’ll receive a letter notifying you (and other company directors) of the debt. The letter will often provide you with a tight timeframe to either pay the debt or begin negotiations on a plan to pay the debt. If you receive such a notice from HMRC don’t panic, contact TruSolv instead. We’ll help you devise a timely and effective response and repayment plan.
Recent data indicates there are as many as 250,000 UK businesses that have an active payment plan in place with HMRC for the purposes of clearing up debts from late or unpaid taxes. The reason for the large number is that most business owners are well aware that HMRC is neither shy about asserting their right to collect overdue taxes nor likely to indulge someone’s attempts at delay and obfuscation. If they send a demand letter and you ignore it, there’s little chance there will be another. Instead a winding up order will be issued against your company and, if necessary, HMRC will seize and liquidate your assets to satisfy the debt. You could also face personal liability for your company’s unpaid taxes. If you receive such a demand letter you would do well to contact TruSolv immediately.
We cannot emphasize strongly enough the need for timely action in these circumstances. Procrastination can and likely will result in a winding down order being issued and your company assets being sold off to satisfy HMRC.
If you find yourself in debt to HMRC and unable to pay, contact TruSolv immediately. We’ll assess your situation quickly and accurately and present you with a number of options for going forward that will put you in the best position to settle the matter.
We’ve helped hundreds of companies just like yours devise workable agreements with HMRC that enabled the timely repayment of tax debt without having a noticeable effect on company cash flow. Call us today to find out more. HMRC is not an institution to be trifled with. Let us help you extricate your company from tax difficulty and set it firmly on the path to a more sustainable future.
Our team of advisors are among the most experienced you’ll find. We’ve helped scores of UK businesses weather the storm of financial difficulties and emerge stronger and more profitable.
Call us on 0808 196 8676 for a FREE and confidential discussion of your situation. Together we’ll sort things out.
We have a team of advisors who have helped hundreds of businesses around the UK that have faced financial pressures on every scale. You are not alone.
Research from Barclays has found that 58% of SMEs are...
The latest company insolvency statistics have been...