Updated: 5th February 2020
If your company is being chased for payments it cannot afford and you’re worried about how to deal with having HMRC as a creditor then you need to take action immediately. Real Business Rescue can support you in tackling debt problems on any scale and in dealing confidently with issues around VAT. Click the video below to learn more about these issues and how we can help.
If your company has escalating debts and creditors are relentlessly chasing you for payment that your company can’t afford, there is little time to waste.
HMRC are the most common business creditor and for many company directors, it can be a daunting prospect dealing with them. What is crucial to recognise is that if your company is late paying taxes or are unable to pay in full, not only will there be monetary consequences which can spiral quickly, but also the taxman can take matters into his own hands and apply to the court to seize your possessions for unpaid taxes.
HMRC have the power to issue a distraint notice, enter your premises and take possession of company property to be sold at public auction to compensate for what your company owes.
In the most serious of matters – HMRC can also petition to wind up the insolvent company like any other unsecured creditor can. In this scenario, you would be well advised to contact an insolvency practitioner immediately.
We have experience in dealing with HMRC and can advise you in relation to seeking further time to pay the sums owed to the Crown. An experienced insolvency practitioner may also be able to help your business operate profitably once again, depending on the company circumstances.