When there are unexpected cash flow problems, falling behind on payments to HMRC is easy to do. Corporation Tax, VAT or PAYE payments will often play second fiddle to the immediate expenditures of suppliers, wages, rent and utilities. A position that soon becomes untenable and one that HMRC will act upon (compulsory liquidation) if they believe the company is insolvent.
HMRC is in-fact the most common creditor of business’ and as such they already have an initiative in play which was first seen during the 2008 recession to manage the repayment of tax arrears in instalments: Time To Pay
Although a Time To Pay plan is more likely to be agreed if past tax has been paid on time, it is still possible the HMRC may agree to more time to pay. Further, if a current HMRC Time To Pay arrangement is faltering - it is possible to re-negotiate it. Read More >>
If you have HMRC Debt Management worries, please feel free to Contact Us (0121 201 1720) for some advice.
Written By: Becky Shingler Digital Marketing Manager,
Greenfield Recovery Ltd | Email: rs@GreenfieldRecovery.co.uk
