Updated: 5th February 2020
Aberdeen Office 01224 418 700 - Office Details: Aberdeen Insolvency Practitioners
Dundee Office 01382 684 997 - Office Details: Dundee Insolvency Practitioners
Edinburgh Office 0131 203 3416 - Office Details: Edinburgh Insolvency Practitioners
Glasgow Office 0141 278 6165 - Office Details: Glasgow Insolvency Practitioners
Inverness Office 01463 642 850 - Office Details: Inverness Insolvency Practitioners
At Real Business Rescue, we know that running a company is by no means easy. Just because you may be skilled in your profession doesn’t necessarily mean you will take to the administration and nitty gritty of business like a duck to water. We often see Scotland-based directors in a state of financial distress because they have been so preoccupied with what they do best and have taken their eye off the ball when it comes to company requirements such as HMRC, VAT, tax and PAYE to name just a few important aspects of business protocol.
Some companies in Scotland may not even have an accountant or may have taken bad advice. If you’re concerned about issues relating to HMRC and are concerned about having the finance to help your situation, this guide is for you.
HM Revenue & Customs (HMRC) have become increasingly resilient in recent years and are cutting companies less slack than ever before. Whatever financial situation you’re in, if HMRC are chasing you for payment or you’re concerned at being unable to pay your next VAT bill or corporation tax bill – for example – you need to take immediate action as a ‘head buried in the sand’ approach will only make matters worse and HMRC will not be going anywhere.
It is crucial that your company keeps up to date with HMRC payments otherwise you will quickly find yourselves under scrutiny and facing penalties and interest on the overdue balance. Ultimately we have seen missed payments of this nature escalate into unassailable scenarios which lead to a company’s liquidation when taking action at an earlier stage would have safeguarded not only the future of the company but also the jobs of those people involved. As HMRC see it, you are breaking the law by not making your required payments and they will not hesitate in issuing a winding-up petition against your firm for non-payment.
If you are struggling to pay HMRC on time, you need to tackle the situation head on. By contacting Real Business Rescue, our experienced team of company rescue and restructuring experts will be able to assist in your discourse with HMRC and try to find a compromise to suit both parties. If funds need to be raised quickly within the firm, you can also rely on our licensed insolvency practitioners who have a wealth of experience in business structuring which can breathe new life into a firm. Solutions include CVA’s – a common acronym for Company Voluntary Arrangements in Scotland which is an agreed schedule of debt repayments with a creditor.
We can also analyse where your business might be going wrong and assist in the reduction of outgoings and unnecessary costs. If it proved that your company was in severe trouble, Real Business Rescue can advise on exit strategies or services such as administration and voluntary liquidation. You can view our designated guides on Scottish administration and liquidation in Scotland. This might not sound like a positive step but wherever possible, we will always look to keep a company alive if we believe it to be a viable business. It may just be a case of short term cashflow troubles that will not be an issue in the long-term.
Until we are brought into the equation, it is impossible to advise. The sooner we can be brought up to speed with your company’s financial distress, the more chance we have of finding the best possible outcome for all involved.
For further assistance, contact your local Real Business Rescue office in Scotland – choosing from five regional offices in Aberdeen, Dundee, Edinburgh, Glasgow and Inverness. We offer all company directors a free consultation at your nearest office or you could request that a licensed insolvency practitioner comes out to visit you. Alternatively, you can call our designated director hotline on 0800 644 6080 for immediate advice.