Any arrears to HMRC need to be dealt with immediately otherwise late or delayed payments can alert HMRC to outstanding debts and prompt them to issue a winding-up petition against your company. It is possible to speak to HMRC to discuss a Time To Pay arrangement (TTP) provided you have a sustainable cash flow and can make payments on time to discharge the arrears.
If you have already received correspondence from HMRC in the form of a Statutory Demand or Winding-Up Petition you need to take action now to give your business the best possible chance of rescue. Not only could this potentially lead to the liquidation of your company, but monies owed to HMRC could attract personal liability. If you continue to trade your company whilst insolvent, you could be faced with personal liability towards your company’s debts.
Fortis have years of experience in speaking to and dealing with HMRC and we have helped many business owners. We are able to assist companies to avoid the potential winding up of your company.
It is worth bearing in mind that although you may be a limited company, you can still be held personally liable for debts owed to HMRC. If you fail to pay National Insurance Contributions (NIC) then HMRC can pursue you for personal tax arrears.
At Fortis we have engaged and assisted numerous Directors with their tax affairs and helped implement Time to Pay arrangements. Remember, all of our initial conversations and meetings are confidential and free of charge.