HMRC Tax Arrears

HMRC Tax Arrears

Many companies that find themselves in financial difficulty or have cash flow problems tend to owe money to HMRC and this can escalate very quickly.

Whilst all Creditors are equal, this is one Creditor you do not want to fall out with.

It can be daunting if you have arrears of PAYE, VAT, National Insurance or Corporation Tax but Business Rescue & Recovery can most likely help you through this.

If you have fallen into arrears with HMRC, the last thing you want to do is bury your head in the sand and stop communicating with them. It is a well known fact that if you ignore HMRC they will actively chase outstanding debts and will not hesitate in taking further action which may include obtaining a County Court Judgment, instructing Bailiffs or even issuing a Winding Up Petition.

Usually you can ask HMRC to set up a Time To Pay Arrangement with them. This is an agreed repayment plan which usually lasts between 6-12 months, allowing you some breathing space to reduce your arrears.

Before you do anything, you need to consider what you can reasonably and realistically afford to repay. Only offer an amount you can commit to and will not default on as HMRC are very strict on any missed payments.

For help on this and other matters please feel free to contact us.