Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Is my business insolvent – Do you owe the Crown money

Is my business insolvent – Do you owe the Crown money

In the height of this recession many businesses are going to the wall. The key to understanding whether or not you are insolvent is to analyse your problems. This particular piece will concentrate on problems you may experience with the Crown, namely PAYE and VAT.

Are you paying your deductions across to the Inland Revenue on 19th of each month? If not then it is almost certain that you are using this as cash flow. If this continues for two months or more then you need to get immediate advice from a professional. To delay any further will bring enforcement proceedings upon the company.

]]>

Alternatively you may already have has penalties from the Revenue and entered a deal with them. The Revenue are offering schemes at present whereby you can defer some of your tax. You should contact the Revenue as soon as you think you may have a problem.

If you have had deals and broken them you may well have the debt recovery unit dealing with you case. Again you may be only a short time away from a visit from the bailiffs.

With regard to VAT it may be that you are failing to submit your paperwork on time, as you have not got the funds to make the accompanying payment.

You may have structured deal with HMRC but failed to keep them. This failure may have lead to enforcement action by the bailiffs.

If you have encountered any of these problems you may have already concluded that you do have an insolvency problem. You may have been burying your head in the sand about your problems, but now is the time to take proper professional advice before it is too late.

Information provided by Steve Thatcher of Help With Debt (UK) Limited and total debt solutions company. For all further reading see http://www.helpwithdebtuk.com
For personal contact email sthatcher@helpwithdebtuk.com
For Steve’s thoughts see http://steves-debt.blogspot.com

If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406

RELATED POSTS:

  1. Is my Business Insolvent? Is my business insolvent, will be a question many small business owners will be asking themselves during this recession. It...

  2. Is my business insolvent – This is how you can tell This is one article in a series exploring the myriad of pointers which may indicate that your business is insolvent.The...

  3. Is your business services company insolvent Is my business services company insolvent, will be a question many small business owners will be asking themselves during this...

  4. Insolvent “one man band” companies who can’t pay their company tax I have had quite a lot of calls in the last three weeks or so from one man band contractor...

  5. Insolvent personal services companies who can’t pay their company tax I have had quite a lot of calls in the last three weeks or so from personal services companies who...

Written by

Filed under: Insolvency · Tags: , , ,

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player