As you may have found, since COVID began, HMRC has done all they can to support us as businesses, holding off on Enforcement Procedures – the lot.
Unfortunately, from 30th Sept many business owners will face enforcement – think shorter repayment options, bailiff’s, winding up petitions etc.
So, if I could make two suggestions:
If you owe HMRC and haven’t agreed on a payment plan, make this top of your agenda. Your chances of getting longer to pay will shrink as we get nearer to the tougher restrictions in October.
Likewise, they’ll receive a surge of businesses trying to do a deal at the last minute – which may result in a less than sympathetic attitude from HRMC.
Plan for the worst
Have a plan in case HMRC turns you down. You wouldn’t cross the Yorkshire Moors without planning for bad weather. Finance should be the same so ask for advice on a contingency plan – especially when you could be risking your family’s financial future.
Realistically though, HMRC should treat a clear, concise letter that includes the following with respect.
- A brief description of what has caused the problem
- What the company has done to correct the issue
- A realistic repayment proposal
If you don’t give these things some serious thought before contacting HMRC, it can lead to you agreeing on an unsatisfactory repayment plan. Which can destroy your cash flow and leave little cash left over to pay suppliers or staff – and can get fatal if you end up defaulting on your repayments.
Finance, cash advances and a huge array of finance options are also available and can be put in place very quickly (we’ve even made finance available within 24 hours).
But finance is not the only answer. Give me a call for a friendly and confidential chat about the options open to you – I’m always ready and waiting to speak and, if I can’t help, I know someone who can.