When advising directors on a company’s financial position, invariably, HMRC are a significant creditor, and we are seeing them become more aggressive in their demand for payment. On the flip side, sometimes, they are not chasing at all but this still keeps the directors up at night not knowing which way to turn.

At PBC we believe that “honesty is the best policy” and in our discussions with directors we are very inquisitive about:

• The Company’s current tax debt position
• How that position has arrived
• What the directors would, in ideal world, like to happen

This final question is often responded too along the lines of “continue to trade, but I am worried how HMRC will react”.

We aim to provide transparency in our discussions with the directors and HMRC. Needless to say, they do not want to close a company down, they want it to continue to employ people and pay taxes. However, they also like transparency so talking to them helps directors understand how they react when funds are owed and HMRC understand that the director is taking this seriously. Could there be a possible time to pay agreement or if that’s not possible what alternatives can be considered.

If you or a client has HMRC liabilities and would like to look at options available then please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton), 01908 033150 (Milton Keynes), 01234 989150 (Bedford) or email to enquiries@pbcbusinessrecovery.co.uk. Alternatively, visit https://lnkd.in/ehKHz4K for further information.