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Looking to liquidate your business? For help call 0300 303 8284
Looking to liquidate your business?
For help call 0300 303 8284

HMRC arrears

The number one creditor for most businesses struggling with debts is HMRC – whether that be an unforeseen VAT bill, PAYE liability or a corporation tax bill.

If your business falls behind with HMRC, not only will it trigger the fact that your business may be insolvent, but it may also attract scrutiny from HMRC. If you begin to fall behind with HMRC, it’s imperative to seek professional advice at the earliest opportunity as you have a number of options open to you if you seek advice at an early stage:

2. Company Voluntary Arrangement

We are able to advise whether a CVA may be the best for the circumstances of your company – whereby you enter into an agreement to pay of a portion of your debts on a monthly basis, stopping your creditors from taking legal action against your business.

Company Voluntary Arrangements are a very good tool for helping your business stay afloat, and to stop winding up petitions. To find out whether a CVA is right for your business contact our team.

3. Debt management plans

A debt management plan is used when you cannot afford to pay your creditors the amount falling due in the previously agreed terms, but will be able to make repayments further down the line. A licensed debt management company will be able to set up the plan for you.

When dealing with HMRC it’s vital that you act as soon as you know there is an issue, this avoids problems further down the line, many which could even lead to HMRC serving you a winding up petition and forcing you to liquidate your business.

Contact The Insolvency Experts for HMRC arrears advice

The Insolvency Experts can help provide debt management advice on what to do if you’re about to fall behind with HMRC payments or if you’re already in arrears. If you’ve already been served a winding up petition, then we can still help. Call to speak to one of our advisors now on 0300 303 8284.

Our insolvency experts are here to help Call 0300 303 8284

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HMRC arrears
michael beal