Tax Arrears Advice

Tax Arrears Advice

At MCR, we specialise in providing businesses with effective, tailor-made tax arrears advice. The process involves looking in depth at a client's business operations and devising a bespoke tax arrears plan to help the business to get back on track.

Usually, businesses who face tax arrears do so as a result of underlying financial problems and it is only by addressing these problems that future tax problems can be effectively avoided. The following are just some of the considerations MCR make when offering tax arrears advice to our clients:

Background – The first step in any tax arrears advice should be to look at the financial background of the company. It is only by understanding the issues faced by the business that you can implement measures to resolve these issues.

Viability of future business operations – The next phase in tax arrears advice should be to ascertain whether or not there is a viable future for the business in question to continue trading. This involves looking at the current financial situation of the company and its future trading prospects.

Implement business turnaround plans – MCR can help you to put in place an effective business turnaround plan. This will help you to continue trading and meet your historical and future tax liability.

Establish a realistic timescale – MCR will liaise closely with HMRC to put in place a realistic timescale for the repayment of tax arrears.

Reporting and monitoring – We prepare comprehensive reports detailing the activities that need to be undertaken and can monitor this until the effective repayment of outstanding ax arrears.

Working with the HMRC

HMRC have a difficult job to do. On the one hand, they have to uphold their own interests by ensuring that tax is paid, yet on the other hand, where companies do have tax arrears they need to protect their prospects to recover that tax. By doing so, they are helping companies to remain in business.

At MCR, we understand this 'Dichotomy', and this helps us to work together with HMRC towards a positive outcome and the resolution of your tax arrears.