For many businesses, getting into debt usually means building up tax debts that they cannot afford to repay.
Knowing where to go for business tax help can be a major headache for business owners. Generally, accountants are good at calculating how much tax is owed by a business, but they are not necessarily the best people to ask for help in dealing with business tax problems.
Most businesses have three types of tax that need to be accounted for and paid to HMRC. These are Value Added Tax or VAT, Pay As You Earn or PAYE tax (for businesses with employees) and Corporation Tax (for Limited companies). If any of these taxes are unpaid and go into arrears, HM Revenue and Customs (HMRC) will generally get in touch and request that the outstanding taxes are paid straight away.
If a business cannot afford to pay the tax that is due, it faces legal action from HMRC which could result in the business being closed down altogether.
Many business owners think that they have no options once their business owes tax that it cannot afford to pay. But the reality is that there are a number of options available and in certain circumstances, HMRC may agree to a sensible repayment plan and may even agree to write off some of the debt.
If your business is having problems paying its taxes and you need business tax help, call us today for free and impartial advice. We are an award-winning firm of debt specialists with extensive experience of dealing with tax debts.