An increasing number of directors are finding it difficult to keep their businesses afloat in this uncertain economic climate. This has also led to an increase in household debt which has touched a large number of individuals nationa
If you or your company are unable to pay your VAT debt then it is important that you recognise that HM Revenue & Customs (HMRC) will not allow this position to continue indefinitely. Various surcharges and penalties for late payment will accrue which will be increasing your business costs at a time when you will want to reduce outgoing costs.
HMRC use debt collection agencies to pursue taxpayers for unpaid taxes.
If you are a business owner facing financial pressure and are having trouble paying HMRC, you may have accumulated arrears of tax in relation to Pay as You Earn (PAYE) and National Insurance Contributions (NIC). HMRC have a strict process and various powers in dealing with late payment and are able to quickly identify late payers.