We are a new company which has just completed its second year of trade. Obviously, in the first years have been about building the business, getting to grips with growing it and although we have succeeded in creating a well respected company it has been slower than anticipated to make the sales we need. We have seen our sales increase by 50% over the last 3 months and we expect this to continue, however we are dealing with a backlog with HMRC for £15000 of PAYE - it was £20k but we have been paying it down over the last few months. We have now received an order to pay or else they will start proceedings, what those proceedings are I have no idea. I'm confident we could pay this over the next couple of months but just not sure how to approach them and if they will listen.
If you are certain that the arrears can be paid within 2-3 months and this will not impact on payment of current liabilities then an informal time to pay arrangement with HMRC may be possible. However it is impossible to advise definitively without reviewing the company’s financial position. In view of the amount you owe and the likely costs of instructing professionals to deal with this for you I would recommend you contact HMRC with your proposals backed up with a cash flow forecast to demonstrate the company’s ability to pay.
12th December 2018
Small and medium-sized enterprises (SMEs) across the UK are paying increasingly large sums of money to collect amounts owed to them by their clients and customers.Read More
4th December 2018
The number of independent retailers who closed down outlets during the first half of this year reached a record high level for any comparable period.Read More