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Guide to HMRC Dealing with Late VAT, PAYE & Corporation Taxes

Licensed UK Insolvency Practitioners FREE Meeting for Company Directors

We can help with serious company debts, HMRC and creditor pressure, VAT/PAYE/Tax arrears, cashflow problems and raising finance.

Real Business Rescue’s Guide to HMRC: Dealing with Late VAT, PAYE & Corporation Taxes

Are you the director of a company that is late filing or paying taxes with HMRC? If so, you are probably wondering whether or not you will incur heavy penalties.

The truth of the matter is that HM Revenue & Customs will make every effort to get the money that is due to them and this goes as far as sending Enforcement Officers to take business assets.

If you are late paying taxes, the only thing you can know for sure is that you WILL need to pay them; or HMRC will see to it that there are consequences.

The key to dealing with VAT, PAYE and Corporation Tax arrears is understanding what solutions are available for your struggling business. There are a number of options that can help save it and we touch on them in this guide.

To comprehend which option is best for your individual situation, talk to the insolvency specialists at Real Business Rescue. It is our job to help you stay in business, so if anything can be done which will satisfy Her Majesty’s Revenue & Customs, we will walk you through the solution.

What Happens If You Cannot Pay Your PAYE/NIC or VAT liabilities?

Do not bury your head in the sand!

Time and time again we assist directors who could have turned the company’s fortunes around, if only they had sought our help sooner. As soon as you have cash flow issues which stop you paying your PAYE/NIC, VAT or Corporation Tax arrears, or any other creditor liabilities, then call our team ASAP on 0800 644 6080.

If no action is taken to liaise with HMRC to discuss the company's problems, they will take action to recover the debt.

However, by instructing Real Business Rescue to enter into negotiations to propose either a Time to Pay (TTP) agreement or a formal repayment arrangement, it shows that you’re taking positive steps to deal with the company’s financial position- which is all HMRC want.

They will hold off taking further action if it means that they don’t have to spend any further time (or money) dealing with your business.  

TTP or CVA?!?

What is the difference between a Time to Pay agreement and a Company Voluntary Arrangement?

If you have downloaded our guide entitled ‘Real Business Rescue’s Guide to Company Voluntary Arrangements’ you will have an idea as to the benefits of entering into a CVA. If you haven’t downloaded this guide, then check it out.

In summary, a CVA is a formal arrangement between a company and its creditors to repay all liabilities in part or in full over an agreed period of time. This ceases any further action being taken by historical creditors and allows the firm to hopefully continue trading out of its financial difficulties.

A Time to Pay agreement on the other hand, is an informal arrangement with HMRC only. The taxman is not legally bound by the agreement and can cancel it at any time should they have reason to do so.  As this agreement is with HMRC, any other creditor can take action to recover their liability.

Our experts at Real Business Rescue can analyse your company’s financial situation and help you make the right choice for your business.

So, what are your options?

If you are struggling to pay monies owed to HMRC, there are three routes;

  1. Instruct Real Business Rescue to negotiate a Time to Pay agreement with HMRC
  2. Instruct Real Business Rescue to assist in providing a formal solution to address your company's problems
  3. Become an ostrich, bury your head in the sand and the company is wound up *Obviously, no-one wants this!*

To find out how Real Business Rescue can help you deal with late filing or payment, contact our insolvency specialists on 0800 644 6080. We understand that dealing with HMRC can be intimidating. Let us take the pressure off, so you can continue running your business knowing that the issue is being dealt with.  


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