HMRC Problems

At the time of writing, HMRC has been lenient in terms of recovering HMRC debt – as the Government have given businesses time to work through the complications of Covid-19....more

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HMRC Problems

HMRC Debt Problems – They just keep coming!

At the time of writing this page, HMRC has been lenient in terms of recovering HMRC debt – as the Government have given businesses time to work through the complications of Covid-19.

Unfortunately, this is now at an end and engagement with them is vital if your business has accrued debt over this difficult period and before, usually in the form of:

    • PAYE,
    • VAT,
    • Income Tax,
    • Corporation Tax, and
    • Others.
If a business debt with the HMRC is ignored or not dealt with to their satisfaction they will take recovery actions which can include:
    • Distraint of Goods,
    • Use of new provisions in the Finance Act 2020,
    • Ultimately Bankruptcy for individuals exposed in unincorporated companies, and
    • Liquidation of businesses.

Again, at this moment HMRC is very understanding in terms of offering to pay debts over what they deem to be a reasonable period.

There is no chance of debt forgiveness. HMRC will entertain other forms of business debt reductions but only through other formal insolvency processes such as IVA’s and CVA’s.

We have kept this landing page relatively brief as this particular form of business debt has a fast-changing landscape.

Obviously, at Bell & Company, we keep ourselves up to speed in terms of developments with HMRC attitudes, in particular with reference to attitudes of collections. These developments and information sources typically come from:

    • HMRC releases,
    • Professional body updates, such as the organisation R3, the association for Insolvency Professionals, which we are members of,
    • Talking to Trustees, the Official Receiver, and other professionals, and
    • By being continually curious (aka nosey).

The comments throughout our website refer to every type of debt as different. When it comes to HMRC debt, it is vital to be aware of the current trends here, and that is where we at Bell & Company can help you.

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From the outset, we establish clear bottom lines with our clients, so we understand what their priorities are and what must be protected. We then create a strategy to navigate the way out of corporate and personal debt with impartial advice and rigorous action.

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The team at Bell & Company combine technical expertise with over a decade’s experience, to find the strategies and solutions to resolve our clients’ debt dilemmas. This means that when you’re with us, you can be assured that we’re working for your best possible outcome.

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