It is essential to understand where you are in the HMRC enforcement process, to allow you to manage the debt with an appropriate response.  

HMRC have an extensive toolbox to enforce tax debts.  Understanding how HMRC are intending to enforce the debt determines your strategy, urgency and implementation of a plan of action.

If the business is trading profitably, and the HMRC debt is a result of historical losses or a bad debt you can seek a Time to Pay Arrangement (TPA).

Time to Pay Arrangements are generally for 12 months or less and provide a structured payment plan.

If you need longer than 12 months or require the further restructuring of overheads a Company Voluntary Arrangement is a much better option.

If HMRC rejects a Time to Pay Arrangement or a Voluntary Arrangement and seeks the Compulsory Liquidation of the Company via a Winding Up Order, then talk to us about how a Creditors Voluntary Liquidation enables the old insolvent Company to be closed and liquidated, how we can protect the businesses value and can secure the assets of the Company to give you a second chance.