FAQs

Our Frequently Asked Questions are answered by a licensed insolvency practitioner. We believe there are always solutions to any problem and we are here to help you.

The UK's Market Leader

Licensed Insolvency Practitioners

Same Day Meeting

100% Confidential

HMRC Support

VAT, PAYE & Corporation Tax Debts

Home
FAQs

Filter by Category

HMRC

My company owes HMRC corporation tax and VAT but I cannot afford the payment request

It is likely that HMRC will object to the striking off of the company whilst there is a tax debt or if any returns have not been filed, although it is possible you will “slip through the net”. You should bear in mind that a company which ...

13/10/14 by Jonathan Munnery

Our company cannot pay the Corporation Tax bill. What are my options?

There are many options available to you from a time to pay (“TTP”) arrangement to a formal insolvency. One of our licensed insolvency practitioners will be able to help you by carrying out a financial review and identifying the probl...

14/10/14 by Jonathan Munnery

I have been issued an HMRC distraint order can I stop any further action

Unfortunately the answer is a resounding 'yes', as HMRC have extensive powers to assist them in the collection of taxes due. However, this does not mean there are no options open to you. What those options are will depend on what other debts you have...

20/10/14 by Jonathan Munnery

If I cannot pay the VAT bill, what options are available to my company?

As a general rule, a director is not personally liable for the debts of a limited company. In fact, the exceptions to this rule are few and far between and in general are limited to instances of fraud. This is not to say that a delinquent director ca...

20/10/14 by Jonathan Munnery

I've received a HMRC Distraint Notice. What can bailiffs take?

A bailiff who is instructed by HMRC to collect a company debt can only distrain over the company’s property, not over the assets of its director – even if you owe the company money – in the absence of a court order known as a third ...

22/10/14 by Jonathan Munnery

My company is struggling with VAT payments will HMRC help?

In this situation it would be sensible for you to speak to a licensed insolvency practitioner as it sounds as if the company is insolvent and riven with internal disputes. This sort of situation rarely improves to the point of recovery and, therefore...

14/10/14 by Jonathan Munnery

Corporate Insolvency

My company is trading Insolvent. What are my options?

There are a number of different ways to resolve your immediate cash flow issue. However, the first thing to do is to prepare budgets and cash flow forecasts. This will assist you to plan better for the future, if your company is able to continue to t...

20/10/14 by Jonathan Munnery

Can I go to jail for business fraud? Could I be arrested?

If your company is forced into liquidation, the actions of all directors leading up to insolvency will be investigated by the liquidator. Should any wrongdoing be suspected, the case could be passed on to the Department for Business, Innovation and S...

08/04/16 by Jonathan Munnery

Can I lose my home due to business debts?

In general, your home is protected by the ‘veil of incorporation’ that separates the company as an entity from you as a director. Company directors can be exposed to this sort of risk under certain circumstances, however, including if personal gu...

08/04/16 by Jonathan Munnery

I cannot pay my staff/employees

Being unable to meet your payroll obligations is a serious issue, but one that can be overcome with access to reliable information and good contacts within the finance industry. The fact is that you may just be experiencing temporary cash flow proble...

08/04/16 by Jonathan Munnery

My business is suffering due to depression/ill health

If the stresses and strains of running a successful company have taken their toll on your physical or mental health, it might be time to step back and take a look at the bigger picture. Even a couple of days away from the business can provide more cl...

08/04/16 by Jonathan Munnery

My company is suffering due to my business partner’s actions

If problems are being caused by the actions of your business partner, they might start to affect the long-term stability of your company. In cases like these, it is a good idea to obtain professional advice on how to proceed. Whether you approach...

11/04/16 by Jonathan Munnery

Company Closure

How do I close a solvent UK limited company?

If you enter into a members’ voluntary liquidation (“MVL”) then the directors (or a majority of them if there are more than two) must make a statutory declaration of solvency, which confirms the company will be able to pay all ...

09/10/14 by Jonathan Munnery

Company Liquidation

What is the procedure for, and the effects of, company liquidation?

Unfortunately, company liquidation is a public process because by law advertisements have to be made at various stages of the process in the London Gazette. However, the good news is that by the time the notices are advertised the business will ...

08/10/14 by Jonathan Munnery

Can you keep a company name after liquidation?

Section 216 of the Insolvency Act, 1986, states that company names cannot be retained post-liquidation, apart from in very limited circumstances. Similar names are also included in this ruling, which is intended to protect creditors from further fina...

08/04/16 by Jonathan Munnery

What is ‘moneyboxing’ in company liquidation?

Moneyboxing refers to the act of holding profits within a company’s books, deemed excessive to its commercial needs, with the sole intention of gaining a tax advantage on the eventual closure of the company. HM Revenue and Customs have expressed co...

28/06/16 by Jonathan Munnery

What is ‘phoenixism’ and how does it relate to Members’ Voluntary Liquidations (MVL)?

Phoenixism is generally associated with pre pack administration, where the underlying assets of a failed business are sold, sometimes to the existing directors. These directors then go on to form a new company, often operating in a similar vein. Th...

28/06/16 by Jonathan Munnery

Time To Pay Arrangement

Late VAT payment - will HMRC consider a 'Time to Pay' arrangement?

If you don’t have any history of arrears or non-compliance with HMRC, it is actually very likely that they will be willing to agree a time to pay (“TTP”) arrangement with you. HMRC will want to see evidence that you will be able to ...

21/10/14 by Jonathan Munnery

52 Regional UK Offices

Find your local Begbies Traynor office and speak to an adviser today.

Find your Local Office

Company Director
Professional Adviser
General Enquiry

0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...

Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...

0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...

Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...

0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...

Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...

Advice for businesses on EBTs after HMRC Supreme Court victory

Begbies Traynor currently advising numerous businesses

HMRC sends out follower notices to reclaim tax lost to Employee Benefit Trusts

Find out more →

Open Banking to Reshape the Alternative Finance Sector

CMA mandates the adoption of Open Banking by early 2018

Will see alternative lenders competing on a level playing field with dominant banks

Business rescue advice from your local experts

More than 400 staff across 50 offices

Find your local office →

Join thousands of professionals by signing up for our updates

Analysis and Opinion from our Partners

Top Industry News

Advice you can trust

We are accredited by the following industry leading organisations

Contact the Begbies Traynor team

Full Name *

Company Name *

Email Address *

Phone Number *

Which best describes you?

Select your Nearest Office

New Enquiry

Live Case

Your Message *

or Find your Nearest Office

Here at Begbies Traynor Group we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY