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News

Tax Arrears

If you trade through a limited company, a partnership or a sole trader, one of the earliest warning signs of financial difficulty is tax arrears. Since H M Revenue & Customs lost their status as preferential creditors, they have become much more active in using bailiff’s to take enforcement action to recover unpaid tax.

Company Tax Arrears

One of the easiest ways of assessing whether or not a business is solvent is for us to ask its directors/partners whether or not the business is able to pay its debts as and when they fall due. In the case of a business with employees the question might be better put, “Are you up to date with your P.A.Y.E./N.I. and V.A.T.” If the answer to this question is no, then you are trading whilst insolvent. If you are a company director you risk becoming personally liable for the company’s debts if you fail to take action to try to resolve the problem.

Sole Trader/Partners Tax Arrears

The situation is somewhat different for sole traders/partners, in that there is often a problem in paying their own Tax, which is due in January and July on self assessment schemes. This is especially so when you’ve traded profitably in the previous trading period but now have suffered a downturn in trade.

If you are facing problems in paying your Tax telephone Lines Henry for free initial advice. We can look at your individual situation and provide appropriate advice for you.

For further information and a free consultation contact Lines Henry on 08081 446611.

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