As an employer, income tax and National Insurance contributions (NICs) are required to be deducted from your employees' pay. These deductions (which includes the employers NI contributions) are required to be paid over to HM Revenue & Customs monthly.
Value Added Tax, or VAT, is a tax that applies to most business transactions involving the transfer of goods or services. Once your business turnover reaches a certain level, (prescribed each year by the Chancellor) you will have to register for VAT. This means that whenever you buy or sell anything in the course of your business, you will have to charge VAT on your sales, keep proper VAT records on your incoming and outgoing transactions and pay VAT to HM Revenue & Customs (HMRC). The payments can be paid over monthly or quarterly, dependent on the arrangements in place with HMRC.
Since the Enterprise Act of 2002 came into effect on 15th September 2003, HM Revenue and Customs no longer hold preferential status when a business is placed through an insolvency procedure. However, this does not mean that they will not act quickly.
Failure to submit the required returns and payments can lead to legal proceedings being implemented against you by the Crown. This can involve the use of bailiffs, County Court Judgments (CCJs) or the presentation of a winding up petition or bankruptcy petition against you.
Should you have VAT and PAYE arrears, ignoring them and waiting for the inevitable should not be an option. Neither should insolvency! Contacting Sterling Business Strategies early will provide immediate relief and allow you to maintain control of your business.
Use our Online Enquiry Form or Contact Us on 0800 0735353 to arrange an initial visit with one of our consultants to discuss Crown Debt Rescheduling.
