Tax debts can be the most worrying type of debt owed, given the action that HMRC can take against individuals and companies when they have arrears.
The old adage that ‘prevention is better than cure’ has never been truer than in the context of HMRC and tax debts; however what happens when you can’t pay a tax bill in full and on time?
For many taxpayers and businesses, a dramatic change in circumstances can cause financial difficulties. Problems can occur because of challenges faced by the business, for instance a drop off in trade combined with a lack of working capital, all of which can cause tax debts across different heads of tax and cash flow issues which all need to be overcome in order for trade to continue.
Since the onset of the recession and more recently BREXIT, we have all had to look at our cash flows and balances a lot more closely and unfortunately in a lot of instances; money set aside for HMRC and tax liabilities has to be used to keep individuals and businesses trading. This leaves HMRC chasing for late and overdue tax debts.
Many of us will have sleepless nights worrying about bankruptcy or legal action, even losing our homes and business owing to being in debt, especially to HMRC.
“Don’t bury your head in the sand when dealing with tax debts”
Escalating tax debts can have a paralysing effect on some individuals and businesses. It may be tempting to ignore the issue and hope it just goes away. Of course, life isn’t that simple. Arrears to HMRC can quickly escalate as charges and penalties will be applied.
You are not on your own – Many clients come to us not knowing how to deal with their debts, collection action has been taken against them for tax debts and arrears in other areas also. It is never too late for us to help.
So what is a Time to Pay Arrangement?
A Time to Pay Arrangement is a monthly re-payment plan with HMRC for any tax debts that you owe. Given as a concession, it is there to help individuals and businesses repay late or overdue taxes back at an agreed monthly figure over a defined period of time.
In many cases the monthly amount asked for by HMRC themselves, is based purely on the amount owed to HMRC, re-payment time frames they calculate and their own criteria. Many individuals and businesses faced with escalating tax debts, with penalties and charges applied, struggle to meet the payment HMRC are requesting each month. This is where we can assist.
Here at Tax Debts Help and Advice (www.taxdebtshelpandadvice.com) we specialise in helping those that owe tax debts to HMRC and can’t pay these back in full and on time. We are set up to negotiate the ‘mine field’ that is HMRC specifically for our clients.
As a team, we have for over two decades, specialised solely in tax re-payment plans, tailored to our clients requirements. We work for a variety of self-employed individuals and businesses the length and breadth of the UK and have got their tax debts into manageable, affordable monthly arrangements.
Our flexible approach help asses personal and / or business tax liabilities in a compliant way, keeping our finger on the pulse of an ever changing industry, where staying on top of legislation and HMRC’s activity is paramount.
How does it work?
We will assess all out client’s needs and requirements via an initial fact find. All solutions are personally tailored for the individual or business and are aimed at solving the tax debts issue or overall business difficulties our clients are facing.
Depending on what suits your requirements; we can access our association of specialists, across various financial fields, which can assist you and your business further.
Why choose us?
We understand people and the unforeseen circumstances they find themselves in. We are very approachable and non judgemental, we have heard probably every scenario possible when dealing with tax debts. We are in your corner but more importantly, we are here for you so don’t feel you are alone, you are not.
We have over two decades experience within this industry and we have developed paperwork, documentation and processes in line with HMRC’s own requirements and guidance.
We have built up extended relationships throughout HMRC and partner ourselves with extremely knowledgeable experts in their own fields, derived from various Accountants, Tax Advisers, Legal Firms and Professionals to provide informed expert guidance, meaning you and your business are in the best of hands.
For a friendly chat, call 01704 469536, start a live chat on our website or use the following link https://www.taxdebtshelpandadvice.com/contactus.html to our contact page.