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HMRC Debts and Arrears

Act now to protect your business and assets

If you have any HMRC or creditor debts or arrears, you need to act now to protect your business and assets. Delayed payments can alert HMRC to outstanding debts which can prompt a Bankruptcy or Winding Up Petition against you or your company.

You may have already received correspondence from HMRC regarding a Statutory Demand, Bankruptcy or Winding-up petition. These actions can potentially lead to the cessation of your Business and attract personal liability. However, there are options if you find yourself in this situation.

In order to give your business the best chance of recovery, it is important to act as soon as possible.

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What are my options for dealing with Tax Arrears?

Time to Pay Arrangements (TTP)

It is possible to contact HMRC to negotiate an extended repayment period. This can buy you some more time to pay any debts and help to preserve your business. We have years of experience in speaking to HMRC on behalf of our clients and securing a TTP arrangement.

Individual Voluntary Arrangement (IVA)

An IVA is an option to tailor your debt repayment to fit within the parameters of your cash flow and available profit. This is a legally binding agreement between yourself and your creditors and is a longer term solution as it will be over 5 years, which will make debt repayment more realistic.

Liquidation & Restart

Voluntary liquidation is often the most effective solution to the problem of overdrawn director’s loan accounts. Liquidating your company on a voluntary basis could be the most viable way to restructure your business and leave behind historic debt.

Company Voluntary Arrangements (CVA)

A CVA allows you to negotiate an affordable monthly payment with your creditors over a proposed period of time. We are able to structure a realistic CVA proposal on your behalf allowing your business to continue trading.

Need help deciding the best solution for your business? Let us know, and we will call you back within 30 minutes.

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How Anderson Parker Can Help

We have a broad spectrum of partners in the Financial Services sector, making us ideally placed to find the best solution for you or your company’s financial situation. Anderson Parker specialises in HMRC debt and can help you with Time to Pay (TTP) arrangements, debts and arrears, Individual Voluntary Arrangements (IVAs), bankruptcy and much more.

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