WHAT IT SAYS:
I have today seen and distrained on the goods listed in the inventory below. I did this at
If you do not pay the total amount shown above within 5 days of the date of this notice, including the costs of this distraint and any added interest, then I will arrange to see these goods.
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WHAT IT MEANS:
A Distraint Notice and Inventory letter from HMRC won’t have just come out of the blue; it is the result of prolonged failure to pay your tax overdue tax payments. As a result, HMRC are now threatening to auction off your company’s assets in order to raise funds to pay the debt. You have five days to make an intervention; i.e. pay what is owed or come to an agreement to pay in instalments over an arranged period. However, HMRC have heard everything before and may not be willing to negotiate as it’s likely they are tired of chasing you for payment. In these circumstances, it’s best that you talk to a licensed insolvency practitioner as soon as possible – you can do this free of charge in a one-to-one setting at your nearest Real Business Rescue office.
Further Reading on Distraint Notice and Inventory HMRC
Free Guide for Limited Company Directors
Business Rescue Advice for Directors
- How to manage company cash flow problems
- Advice on dealing with HMRC
- Understanding rescue and closure options
- And much more...
Business Rescue Guide for Accountants
Dealing with your Insolvent Clients
- Helping you advise insolvent clients
- Spotting signs of client distress
- Exploring business rescue options
- And much more...
