On a majority of occasions business people tell me they have a good business but are suffering from temporary cash flow problems. Almost as an after thought they mention there are tax or VAT arrears and HM Revenue & Customs (“HMRC”) are threatening some form of recovery action, usually winding up or bankruptcy.

Since September 2003 HMRC have lost their preferential status and rank equally with the general body of creditors. This has resulted in HMRC having to be more commercially minded and, Continue reading