HMRC debt management
In many situations, HMRC can and will help you if you can’t make your payments. HMRC’s support services are there to negotiate deferred instalments for paying tax. But it’s vital you get help before it’s too late.
Time to Pay Arrangement
The principle of a Time to Pay Arrangement is to allow you to repay the outstanding liabilities for VAT, PAYE and Corporation Tax in affordable instalments rather than in one go. Seeking a Time to Pay Arrangement will defer HMRC taking action against you.
Any business can apply for a Time to Pay Arrangement but it’s important to be able to demonstrate the viability of the business going forward and the likelihood of the company returning to a state of financial security. A strong proposal to support your desired repayment structure is an essential part of the negotiation.
We’ll help you create a plan for paying your debts back.
Business debt management
Whatever the cause of your business debt problems, we’ll bring the pressure of debt to an end by developing an appropriate strategy to organise your payments to trade suppliers, HMRC or other creditors. Our aim is to move your business forward in a positive way, with you at the helm.
Your business debt management options might be:
Outside of an informal negotiation, a business rescue process such as a Company Voluntary Arrangement (CVA) can help avoid full closure by restructuring your company and your creditor payments.
Company closure in the form of liquidation may well be the best – or indeed only – solution for the successful management of your business debt.
That doesn’t mean it’s the end of your business.
The sole purpose of liquidating a company through a Creditors’ Voluntary Liquidation (CVL) is to use its assets to pay back as much creditor debt as possible before it’s closed down. These company assets can be bought by a new company and allow a business to re-start and build back up to profitability.
As business rescue experts and licensed insolvency practitioners we can offer you a diverse range of businesses debt solutions, whether you’re a limited company or sole trader.