When businesses face cash flow difficulties, it is not uncommon for owners to avoid payment of VAT and corporation tax to pay creditors and suppliers and continue trading. The problem is that HM Revenue & Customs are the most likely to send in bailiffs and issue a winding up petition. Many business owners assume that once this action is implemented it is the end of their business, and that liquidation is inevitable. However, this does not necessarily have to be the case. We specialise in hospitality and marine finance and funding, and we can assist our clients by finding an alternative solution.
It is an undeniable truth that tax must be paid. Once an established company misses a few payments, it can be a challenge to get back on track. This situation can easily escalate as HRMC will take every step to ensure that taxes are paid in full. They will implement several methods of recouping money that is owed to them. The inevitable first step is the addition of penalties, which results in a company paying more money on top of the existing outstanding amount.
The penalties are not enforced if a company misses only one deadline. However, persistent failure to meet tax obligations eventually results in HRMC taking drastic measures to collect the sum owed. Our specialised business recovery services are structured to assist businesses that have encountered financial difficulties and to offer beneficial and comprehensive solutions.
We provide business analysis and close inspection of your debts. We will determine precisely how much you owe and coherently straighten out your accounts. Our team have the industry experience and knowledge to devise the best way to deal with all debts. It is important to address your arrears as soon as possible, as the earlier you act the easier it is to buy the time you need to effectively tackle your financial issues. We can prevent a seizure of assets by facilitating a Time to Pay agreement with HRMC, or alternatively you can enter into a legally binding Company Voluntary Arrangement which incorporates repayment over a set time period.
Tax arrears can seem overwhelming, but we assure our clients that we are on hand to find the solutions needed. We take every step to help you come to an agreement on arrears and debt and ensure regular future payments. If you need confidential business advice and support, loans or funding, contact us and we will be happy to offer our full assistance.