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(USGovernment-News.Com, April 29, 2015 ) London, UK -- If you are an employer you will be familiar with acting as a tax collector and then paying these amounts to HM Revenue and Customs. Failure to submit the required returns and payments of VAT and PAYE can lead to legal proceedings being implemented against you by the Crown. This can involve the use of bailiffs, County Court Judgments (CCJs) or the presentation of a winding up or bankruptcy petition.
HMRC no longer hold preferential status when a business enters an insolvency procedure. However, this does not mean that they will not act quickly and they do have extensive powers in certain circumstances.
Ignoring VAT and PAYE arrears and waiting for the inevitable should not be an option. Neither should insolvency! Taking proactive steps will give you more options and allow you to maintain control of your business. The worse strategy is to ignore letters from the Crown, and just because you have not received a reminder is not a reason to be complacent. And by ignoring HMRC, you may become involved in recovery action, which may ultimately lead to the business being wound up.
There are a number of options open. If your only debts are “Crown Debts” (ie taxation in its different forms) we can help you make a proposal to HMRC. These may be recent or longstanding. Other amounts may also be owed to suppliers, the landlord or bank.
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