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If you have outstanding HMRC tax arrears, you should contact a financial expert for advice before contacting HMRC. Our financial experts have vast expertise and experience in helping clients to agree on a TTP (Time to Pay) or other tax repayment arrangements with HMRC to avert implications of defaulting on HMRC tax obligations.
What are the implications of not paying HMRC?
HMRC requires each company to meet tax and VAT obligations within a specified timeline. Therefore, late payments can attract default surcharges or penalties. If you fail to contact HMRC in time, they may decide to take severe measures to recover any outstanding tax arrears, measures like seizing some of your business assets.
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
- Serving a winding up petition against your business
- Hiring the services of a licensed debt collection agency
- Repossessing and selling your assets to recover the debt
As a consequence, it is advisable to contact HMRC swiftly – ideally with the guidance of a financial expert.
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