1 Do not ignore it – you need to act now, ignoring or putting off dealing with it will only make the matter worse.
2 Take an honest view of your current and future financial situation. Could you pay the debt off over a period of time? Or is it unlikely it can ever be paid off in full?
3 Take professional advice immediately on your options from an insolvency practitioner, they can talk you through all your options to identify the best route for you.
4 Decide on the best course of action, if you can pay the debt off over time you can either contact HMRC directly to arrange a pay plan or ask your insolvency practitioner to negotiate on your behalf. Make sure you can keep to any offer you make, be honest about what you can afford.
5 If you are unable to pay the debt your insolvency practitioner will be able to confirm if you are insolvent, and will discuss with you alternate options which may include liquidation, an IVA or bankruptcy.
6 Remember many others have been in a similar situation before and the sooner you act the greater number of options you will have available to yourself.
Walsh Taylor have supported many individuals and companies with HMRC debt issues; VAT, PAYE, CIS, Income or Corporation tax arrears. For a free consultation and to discuss your options now call 03300 244 660 or email firstname.lastname@example.org
Take advice now, a phone call with one of our experts will help to provide you with a clear view of your options.