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If you are facing pressure from HMRC regarding your company’s tax liabilities, it is reassuring to know that options are available to steer you through this stressful time. you may have become behind on payments due to a downturn in the market, the loss of a key customer, or an inability to collect your own debts on time.
HMRC hold considerable powers when it comes to recovering their debts and from your point of view, it is no help that their systems are able to quickly spot late payers. We see many cases where the company has set aside money for their tax bill, but needs to draw on it to meet a more pressing debt.
If the tax money is not replenished because of other cash flow issues perhaps a drop in sales in the meantime – this is when problems can spiral out of control. However, there are several positive steps you can take to manage the situation whether HMRC is chasing for Corporation Tax, PAYE, VAT or any other tax arrears. |
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