COPING WITH Business Debts After You Have Ceased Trading

HM Revenue and Customs are accountable for collecting income tax, National Insurance and value added taxes (VAT). HM Revenue and Customs are likely to take further action against you quicker than some other types of lenders. This might mean that you need to take care of a personal debt to HM Traditions and Revenue as a priority.

However, you may not need to do this if the types of action they can take don’t have serious consequences for you. In the next sections we give more information on the various types of debt that HM Revenue and Customs collect and exactly how they may take action to recuperate the money you borrowed from.

If you are not sure whether to take care of a debts to HM Revenue and Customs as a priority, contact us for advice. When working with tax arrears, consider the following points. After completing a tax come back, check whether your taxes debt is correct. If the amount is thought by you is not right, contact HM Revenue and Customs to go over what you think you choose to do owe.

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If you never have sent HM Revenue and Customs a tax come back, your earnings taxes arrears will be estimated. You will be sent a ‘dedication’. No right is had by you of appeal against this determination, if you think the figures are wrong, send HM Revenue and Customs your tax return as soon as possible. Send in your tax return even if it is late. However, if you send in your return after the deadline, penalties will be put into your balance. The deadline for turning in your taxes come back depends upon how it is sent by you. In the event that you send in your tax return by post, the deadline is usually 31 October every year.

If you send in your tax return over the internet, january every year the deadline is usually 31. Penalties for late taxation statements are an elaborate area. E mail us for advice. HM Traditions and Income will add interest to your taxes debt at a set rate. It is very uncommon for HM Traditions and Income to stop adding this interest.

This means that the total amount you borrowed from can increase quickly. It’s important to try to make an agreement to pay with HM Revenue and Customs collectors as soon as possible. You may want to treat income tax arrears as a priority personal debt. Make an offer to clear the arrears and use your budget to show what you can afford.

The collector will sometimes acknowledge instalments to clear what you owe. If any of your taxation statements are exceptional still, HM Traditions and Income won’t usually allow you further time for you to pay your personal debt back instalments. However, this will usually be over a brief period, for example between three and six months, depending on your position. If you need much longer than this to repay what you owe and you have previously experienced a good payment record, the HMRC Business Payment Support Helpline may consent a longer repayment period with you.