• #1 Business Rescue Experts
  • Helping Directors in Debt
  • Same Day Advice

For free expert advice, send us a message and we’ll be in touch

HMRC Debt Management

If you have a problem paying your taxes, you need to hire the services of trusted financial experts to provide you with specialised HMRC debt management and banking advice. If you fail to pay your tax in full, or you are unable to pay your taxes at all, HMRC will keep adding interest to the owed amount, as well as sending demand for payment. This can be a worrying time for many companies, especially as failure to settle your corporate tax is likely to result in insolvency.

The Insolvency Experts have been providing advice and assistance for many years to individuals and businesses unable to pay their HMRC debt, including corporate taxes. We have a team of highly skilled financial specialists able to provide HMRC debt advice and help you negotiate with HMRC. We can advise our clients on moving towards a “Time to Pay Agreement” that protects their financial interests. Our HMRC debt help is tailored to meet the financial needs of your business.

The wealth of legal and financial qualification across our team ensures that we operate within all of the required legal guidelines while providing cost-effective and timely guidance. Our personable financial experts ensure you are given helpful and relatable advice that keeps you up-to-speed throughout the process. We offer peace of mind at a stressful moment through working to find a financial outcome that satisfies creditors, the government, shareholders and directors whenever possible.

We understand that many companies find themselves insolvent through no fault of the directors, so if circumstances have brought on financial difficulties, we help our clients to find a workable financial solution. If you want to discuss our available insolvency practitioners Bolton services, get in touch with us today. We act on behalf of our clients to find the best possible solution to their current financial difficulties.

Our expert financial staff are available to discuss options surrounding Liquidation, Administration and a range of other services we provide, with this advice offered through a free initial consultation. Additionally, if you are seeking an estimate on the price of a Liquidation process for your company, you can make use of our free quote calculator.

Go to Section:

4 Key Questions on HMRC Debt Management

How does HMRC debt affect your business?

Failing to seek HMRC debt help at the right time from licenced and experienced financial professionals can subject you to many business-related and financial-related setbacks. If you fail to reach an agreement with regards to your HMRC debt management within the given timeframe, HMRC will ask a range of specific questions about your business situation to ascertain whether you are capable of settling the amount owed or not.

HMRC is looking to satisfy themselves that you are making arrangements to pay the debt in good time. HMRC takes an “Enforcement Action” in cases where they learn that an agreement to settle the HMRC tax debt cannot be reached. The action can come in a variety of different forms, including:

  • Forcing closure of your business
  • Filing a lawsuit against your business
  • Hiring the services of a licensed debt collection agency
  • Repossessing and selling your assets to recover the debt
  • Collecting the amount owed through your pension or earnings.

The above enforcement measures explain why you need to seek help with your HMRC debt management issues as soon as possible. Contacting us here at The Insolvency Experts before the tax due date can help you to mitigate the dire consequences that could affect your business.

Call our friendly experts on 0300 303 8284

By quickly taking back control we can help you solve the problems that the business has.

What are the penalties for unpaid HMRC debt?

HMRC might impose penalties on your business for various reasons, including failure to file your tax returns on time. Late payment charges usually apply to any unpaid payments on your account. In most cases, fines start at £100 for each day delayed and can increase to a certain fixed percentage of the unpaid tax, which needs to be paid in addition to owed tax.

HMRC can also charge you a penalty – often in the region of £3,000 – if their investigators determine that your business records are not sufficient. HMRC usually calculates the penalties depending on the amount of debt believed to have been unpaid through any error. HMRC might also push for penalties based on any previous year that they believe you failed to pay sufficient taxes. Penalties are generally levied depending on:

  • Deliberate tax evasion or fraud, including an attempt to conceal business assets
  • Failing to register your new business
  • Failure to register for VAT even after the firm turnover has reached the basic tax threshold; or
  • Failure to keep proper business records like debt records and indemnities.

In the most serious cases, the penalties may also include criminal investigations, high court proceedings, escalations on the amount owed and even a custodial sentence. With this worrying range of penalties, our HMRC debt management and banking advice guarantee you affordable access to professional advice on any HMRC tax debt issue.

The services we can provide will be a critical resource if HMRC decides to subject your business to any tax investigation. We are a trusted support during any tax issue or routine investigation that may be escalated further by HMRC.

Can unpaid HMRC tax debt force bankruptcy?

HMRC, under UK corporate law, may employ bankruptcy as one of the methods of dealing with tax debt defaulters. Bankruptcy also comes with various restrictions on what your business can do. Just like other commercial creditors, HMRC may decide to file a bankruptcy lawsuit against you for various reasons, including:

  • Failure by HMRC to recover the owed amount through methods like court proceedings or seizing assets
  • Failure to reach an agreement with the agency at the right time to pay
  • If you owe HMRC £5,000 or more

In terms of helpful HMRC debt advice, you should know that in the above three circumstances, HMRC passes your file to the “EIO-Enforcement and Insolvency” office to take further action against your business. Once a bankruptcy order is issued by a court, HMRC appoints a Trustee who assumes possession of your business assets until you settle the debt.

Once your file is received by the EIO office, they will send you a letter requesting you to pay the full amount within 14 days. In some special cases, EIO allows debtors to pay in instalments. Under such situations, EIO will ask you to pay in a lump sum and then settle the debt within an agreed period, usually less than 12 months.

Any failure to pay the tax debt in a lump sum, or satisfy the payment plan, will culminate in EIO looking to begin bankruptcy court proceedings against you. The Insolvency Experts are ready to provide you with a range of crucial insights about HMRC debt management, bankruptcy proceedings and any other HMRC debt help with regards to HMRC tax debt.

How do I find the right HMRC debt management and banking advice?

While some businesses are tempted to ignore an HMRC tax debt notification, it is clear that your debt will not go away unless you take the necessary action, with a range of severe consequences for not going about your HMRC debt management in the right way.

You need to hire the services of certified and experienced insolvency specialists to help you during the tough times of clearing your debt with HMRC. The Insolvency Experts provide you with personalised and affordable HMRC debt advice and other services that can help get your business back on the right track, or in more extreme cases look at the closure of your business in a way that best protects your financial interests.

We have provided HMRC debt help to many business owners over the years, becoming respected for providing professional, confidential and impartial HMRC debt management advice to businesses. Contact us today for customised and affordable HMRC debt management and banking advice. Here at The Insolvency Experts, we have the necessary expertise and experience to help you deal with all your HMRC related tax debt issues.

Company Liquidation Quote

How much will it cost to liquidate your business?

Try our calculator to find out…

Launch Calculator

How we’ve helped others through
rescuing their business

At the Insolvency Experts our sole aim is to rescue, recover and renew businesses that are in difficulty. We are specialists in corporate turnaround and help business overcome cash flow difficulties and other financial problems. Our experts:

  • Help you to take the appropriate steps to meet any impending deadlines
  • Have a long track record in helping companies in similar positions
  • Can help you take the best course of action, often using your assets to help you avoid additional cost

Get a Quote or Get Free Advice

We helped a struggling Birmingham restaurant from going into administation:

  • Turnover £890K
  • Total Creditors £94K
  • Assets £340K
  • HMRC Overdue £20K
  • Profit Now +£15K

We helped a marketing agency from going into administation:

  • Turnover £700K
  • Total Creditors £120K
  • Assets £20K
  • HMRC Overdue £30K
  • Profit Now +£80K

Creditors’ Guide To Fees

How much will it cost to liquidate your business?

Download our free quide to find out…


Why Choose Us?

We understand you have already made every effort to avoid insolvency and day to day life is stressful at the moment. We can start immediately and quickly work with you through the process.

We see many examples of great businesses that have fallen on hard times or suffered through no fault of their own.

We understand that the company directors and shareholders have already tried valiantly to carry on trading, but circumstances dictate that this is no longer possible.

  • We Remove Stress
  • We Act Quickly
  • We Are Cost Effective
  • We Are Formally Accredited
  • We Are CVL Experts
  • We Act Confidentially

Get Free Confidential Advice Now

Get Free, Confidential Advice

0300 303 8284

Request a Callback

For instant, impartial advice request a callback that’s convenient to you

Request a Callback

Request a Meeting

We come to you…

Nationwide Office Visit

We can come to your office at a date and time that’s convenient to you

Request a Meeting

Latest News

What are the advantages and disadvantages of Administration?

According to figures released by The Insolvency Service, 300 companies went into Administration in the last quarter of 2017. Jason Elliott of

Read more

Struggling to pay business debts – understand which are priority and which are non-priority

If you are struggling to pay your debts, it helps to know which ones should take priority and which can be dealt

Read more

Look out for early signs of underperformance

Signs of underperformance can be difficult to spot unless there is a sudden and catastrophic disaster. This could be an unexpected loss

Read more