Another interesting blog post from one of my clients today.
Avoid getting to the stage when the winding up petition letter from HMRC drops through the door by taking early action.
Take a look at 4R's blog below, which discusses various options from raising finance to CVAs.
HMRC is a powerful creditor. If your company owes money to HMRC, in the form of PAYE, NIC, VAT and Corporation Tax, and you are paying late and/or not in full each time a payment is due, then it is time to take some action because you are probably trading insolvently. If you don’t take action, chances are that the debt to HMRC will continue to grow, and as unsecured creditors, HMRC, whose legally enshrined duty to the government is to maximise tax collection to fill the public purse for public expenditure, will at some stage issue a winding up petition. This is a very serious matter, and often leads to a winding up order and liquidation.