"My company has run up HMRC Debts. We owe VAT, PAYE and Corporation Tax, but we cannot pay. What can we do?"
Business owners will often do anything to keep their companies going. If cash flow is poor and the company is having difficulties, directors and business owners are often tempted to divert money owed to Her Majesty's Revenue and Customs (HMRC) elsewhere.
While we understand why directors and business owners make day to day running costs take priority, HM Revenue and Customs take a dim view of this practice and they have a duty to recover unpaid tax. HMRC are increasingly taking stronger recovery and legal action against companies who are in arrears.
One thing is certain - at some point, HMRC will start banging on your door. They often use Statutory Demands, walking possession orders or distraint, and winding up petitions to reclaim debts, and have powers regular creditors don't have.
If your company owes HMRC money then it's probably insolvent, and if you've received a formal demand you must take action immediately. Call us now on 08455 198 065 to discuss a course of action.
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