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VAT, PAYE & Corporation Tax Debts

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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 party debt o...

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

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