ARTICLE · 11 NOVEMBER 2016

5 Ways To Avoid Being Wound Up By HMRC

Jameson Smith & Co

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What started as one bill you had underestimated or not properly accounted for can quickly turn into a fight for survival.

United KingdomTax

Jameson Smith & Co

What happens when you receive your next VAT bill from HMRC and realise you simply can't pay? At first you might think you're experiencing a minor cash-flow problem, but before you know it, this could turn into an inability to replace stock or even pay your suppliers. What started as one bill you had underestimated or not properly accounted for can quickly turn into a fight for survival.

If you have an HMRC debt that you're struggling to pay, you need to act now. Burying your head in the sand will only lead to the escalation of the situation. If you fail to comply with HMRC, you will be hit with penalty charges and could even have assets seized to pay the debt and associated costs. HMRC can also start winding up proceedings if the debt isn't addressed.

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