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Dealing with HMRC tax debts -PAYE, VAT and Corporation Tax



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If your company has fallen behind with its tax liabilities you may be wondering how to deal with the situation and minimise interest and penalties. HMRC operates highly efficient systems that quickly highlight late and non-payers, and will contact you as a matter of priority.

This video discusses how to deal with HMRC business tax arrears, including corporation tax, PAYE, and VAT. The tax body is able to support businesses in genuine financial difficulty, and may offer you a Time to Pay (TTP) arrangement.

The Time to Pay scheme typically provides up to 12 months’ extra time to pay, giving you valuable breathing space to regain your company’s financial footing. One of the most important issues when dealing with tax debts, however, is to get in touch with HMRC without delay.

This video explains why open communication is so vital, and how a Time to Pay arrangement can be a very effective solution, but there may also be other options available.

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If your company is struggling with unmanageable debts, squeezed cash flow, or an uncertain future, you are far from alone. We speak to company directors just like you every single day, and we are here to give you the help and advice you need.
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If your business is asset-rich but cash-poor, for example, a sale and leaseback arrangement would allow you to sell one or more assets and then lease them back from the lender. This offers you a cash lump sum that could help you repay your HMRC arrears, whilst also providing some certainty with regard to budgeting and cash flows.

Depending on the scale of the debt the company is carrying, other solutions might be suitable. These include entering company administration, which offers an eight-week moratorium on creditor legal action.

It may also be possible to negotiate an affordable monthly repayment with HMRC and other creditors within a Company Voluntary Arrangement, or CVA.

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