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HMRC Arrears

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. HJS Recovery can help you do this.

What if HMRC Notifies You of Arrears?

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 not like other creditors. There is no dispute mechanism when it comes to HMRC. If they say your company is in debt to them, your company is in debt to them. If you want to raise red flags at HMRC, getting behind in your tax payments is a good way to do so. If HMRC then determines that you are in arrears your company will receive a letter notifying you of the debt and providing you a typically tight window 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 HJS Recovery instead. We’ll help you devise a timely and effective response and repayment plan.

You Can be Held Personally Liable for HMRC Arrears

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 HJS Recovery immediately.

What are my Options?

  • HMRC typically offers solvent companies what is called a ‘Time to Pay’ plan. With this plan you have the ability to pay the debt over a set period of time. This type of plan is often a good idea as long as you believe your company will be able to make all payments on time. Should one be late, HMRC will void the plan and issue a demand for payment.
  • You may enter into a Company Voluntary Arrangement which will protect your company from HMRC legal action long enough for you to devise a workable repayment plan.
  • Find a way to raise funds that you can use to pay the debt, whether that be through invoice factoring, financing or some other means.

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.

HMRC Arrears? We Can Help

If you find yourself in debt to HMRC and unable to pay, contact HJS Recovery 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.

Contact us to learn more about settling accounts with HMRC. We’re here to help.

Our team of advisers are among the most experienced you’ll find. We’ve helped hundreds of UK businesses weather the storm of financial difficulties and emerge stronger and more profitable.

Call us on 0800 0141 130 for a FREE and confidential discussion of your situation. Together we’ll sort things out.

Contact us today for FREE to learn more about how we can help you and your business.

We have a team of advisers who have helped hundreds of businesses around the UK that have faced financial pressures on every scale. You are not alone.

Call us free and in confidence on 0800 0141 130 and together we will sort things out.