HMRC VAT Security Deposit
Have You Been Told That You May Have To or Will Have To Give HMRC a Security Deposit for VAT?
You’re Not Alone:
• This is a more common situation that you might imagine
• This is a method being used more reguarly by HMRC now
• HMRC must be believe that there is a serious risk that VAT will not be paid now or in the future
• The relevant tax law is set out in paragraph 4(2)(a) of Schedule 11 to the VAT Act 1994.
• If the requested security is not paid then HMRC are likely to move to take enforcement action through the courts
• You may commit a criminal offence by trading if the required security have not been provided to HMRC
• You may be offered to move to monthly VAT returns as part of the security requirements
There’s good news:
• There are a number of proven routes to deal HMRC Debt
• If you are already trading we are able to help
• We’re here to help and are experienced specialists in finding a solution for you
• It is not our place to judge; our goal is to find the best solution for your business
• Our clients cover a large range from a few thousand pounds owing to multiple millions owing
As you are likely to up against a specific deadline we suggest an initial discussion with us as soon as you are able.