30/10/2018
At Prestige Finance Solutions we hear more and more from businesses and individuals being pursued by HMRC, chasing in some cases substantial balances.
These liabilities accrue from:
• PAYE/NI
• VAT
• Tax Investigations
• Corporation Tax
• COP 9, to name but a few.
HMRC are becoming more and more aggressive in their collection methods and are using techniques that include:
• Field Agents,
• Walking Possession Orders,
• Legal Action as appropriate,
• Statutory Demands and Bankruptcy Petitions,
• Company Liquidations, and
• Director Disqualifications.
Increasingly the issue of HMRC arrears stems from the business(es) using retained tax proceeds to bolster or cover shortfalls in cash flows caused by:
• Bad debts,
• Banks tightening lending facilities,
• Debt over extension,
• Creditor pressure,
• Dips in trade etc
Over and above the misuse of taxes collected, HMRC are more sophisticated in terms of their Investigation processes, using techniques such as COP9’s, and these can result in large liabilities accruing which simply cannot be met.
In some instance HMRC may consent to payment programs to deal with these liabilities, but these rarely extend beyond a couple of years and the debts arising cannot be honoured.
All of the above causes extreme pressure on businesses and their owners – we know we see and hear it every day.
Our mantra in all debt issues is to act quickly and in a strange way, embrace the issue.
If you know of anyone under such duress get them to call Prestige Finance Solutions now. Initial advice is always free and we will ‘tell it how it is’.
Final cliché ……… ‘Know the worst – plan for better’.
That’s what we as Debt Strategists do.
CALL US NOW ON 0120 2972 318
