HMRC debt
Say goodbye to HMRC debt worries
HMRC is one of the easiest creditors to negotiate with, if they are approached prior to a petition being issued. Once a petition is issued there is little room for negotiation. So you either raise funds to pay the debt or speak to Fastspeed Legals about a CVA.
Arrears
Arrears, and what can be done about them
PAYE and VAT arrears are the usual route to a petition. Where the company is fundamentally sound, a Company Voluntary Arrangement can bind HMRC along with every other creditor and leave the business trading.
Where it is not sound, an organised Voluntary Liquidation is usually a better outcome for a director than a compulsory one — and it is often available even after a petition has been issued.
HMRC is negotiable
A CVA binds HMRC like any other creditor
It is a legally binding agreement to repay over a fixed period, often at a reduced amount. HMRC will in 99% of cases advertise the petition if the debt has not been paid within 12 days of the first petition hearing date. Advertising freezes your bank account, we can apply to open it.
If a petition has arrived and the company cannot pay it, that is the moment to call Fastspeed Legals. Do not wait until the week of the hearing.
Tailored solutions
Four things we are usually doing about HMRC
Read more on this
From our insight
Talk to us today
If a petition has been issued against your company, the sooner we know the more there is to work with. Monday to Friday, 9am – 4pm.