HMRC have issued some very helpful guidance for businesses on their website about what could happen to your company if you fail to pay the Revenue what is due.
As they say, HMRC is responsible for making sure that HM Government has the finances available to fund its activities and as such expects individuals and companies to pay what is due on time.
They say that if you are unable to pay what you owe on the date that it is due, you are to contact HMRC at the address given on paperwork you receive. They say that the sooner you contact them, the sooner a solution can be found. If you fail to contact and make arrangements to pay, then that is when you can begin to encounter some problems.
HMRC say that from 2010 you can expect to have additional interest, penalties and charges levied upon the account. If you continue to ignore demands for payment, then the matter can be referred out to external collection agencies and solicitors. They say that they will instigate legal proceedings to collect the debt or if they believe you or your company is insolvent, they will commence winding up proceedings.
The Revenue also have powers of distraint meaning that they can attend at your premises and demand payment. If you fail to pay them they can list your goods and take and sell them after five days should you still not pay.
If you owe less than £2000 and have done so for less than a year, then a magistrates order can be obtained, which can lead to distraint taking place.
Finally HMRC may take court proceedings to recover what they calculate is due. You will be responsible for fees and costs on top of the liability.
If you have any crown debt issues, call us for professional advice on how to deal with them.
About the Author:
Contact Steve Thatcher a qualified solicitor with Help With Debt (UK) Limited the total debt solutions company. For all further reading see http://www.helpwithdebtuk.com
For personal contact, email sthatcher@helpwithdebtuk.com. If you have any debt problem whatsover either personal or corporate make Steve your first call on 0808 160 5577. All telephone advice is free.
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