Do you have a good business but due to the effects of the economic climate you have fallen behind with your VAT and PAYE? Does the following appeal to you?…
- Write off all of your crown debts
- Stop any legal action from HMRC
- Avoid an impending Tax investigation
- Start over with a healthy business but without owing and VAT and PAYE
… Then a low cost liquidation may be your solution! Contact us as soon as possible on 0800 066 2280 to start the process which is detailed below.
99% of companies that enter insolvency proceedings do so owing VAT, PAYE and/or Corporation Tax, with many of these companies entering insolvency proceedings as a result of pressure from HMRC.
If you have fallen in arrears with HMRC there are a number of options available to you…
- Ask for time to pay the debt. In the current recession, HMRC has a Business Payment Support Service (BBPS) which was introduced by the Government in 2008. Under this service all Small to Medium size Enterprises with cash flow issues should be able to get a Time to Pay arrangement with HMRC.
- Company Voluntary Arrangement (“CVA”). This is a formal arrangement that binds all of your creditors, whereby you pay a reduced figure with a percentage of the total debt being written off.
- Administration. This will protect the company from aggressive legal action taken by HMRC.
- Creditors Voluntary Liquidation (“CVL”). This is the most popular route used by directors as all of the company’s creditors are written off and the director(s) can simply set up a new company and continue trading.
Although HMRC will not chase you as quickly as your day to day trade creditors, when they do catch up to you the consequences can be severe. Therefore, if you have fallen into arrears with your VAT and/or PAYE, it is essential to act quickly.
If you fail to pay the Tax you owe and ignore correspondence from Revenue & Customs, their next step will be to send a bailiff to your trading premises to recover the Tax owed using a process called distraint (take your assets to sell). Inland Revenue have to give you notice before they take your assets away.
Once Inland Revenue have given you notice of this, the only way to avoid them from taking your assets is to pay the Tax arrears or use an insolvency process.
If this has happened to you, or you have been ignoring your Tax problems for a while, it is essential that you contact us immediately as your situation is extremely severe.
The sooner you contact us, the sooner we can protect your interests and help you get back onto the straight and narrow.
There are legal ramifications for businesses that don’t pay Tax and VAT. That HM Revenue & Customs will take is to send you a written demand for payment. Failure to adhere to this letter will then result in a bailiff or customs officer coming to your business or home. This is known as distress action. If this is unsuccessful HMRC will issue a Winding-Up Petition against your company.
Talk to Peter
Speak to Peter now on 0800 066 2280
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- Creditors Voluntary Liquidation (CVL)
- Members Voluntary Liquidation (MVL)
- Company Voluntary Arrangement (CVA)
- Compulsory Liquidation
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