Tax Arrears

Tax Arrears

What are tax arrears?

The definition of tax arrears is simply any unpaid taxes owed to the government.

Why do tax arrears arise?

Tax arrears are usually the result of a business issue, sometimes unforeseen, which effects cashflow and accordingly its ability to meet its financial commitments. If you are unable to settle your tax arrears then it is likely that you may have a fundamental issue which needs to be addressed.

Click here to find out more about why tax arrears arise.

How do I avoid tax arrears?

The key to avoiding tax arrears is to pay all your liabilities on a timely basis. However, in the current economic climate that is easier said than done. It is important not to let tax problems mount up as a business may eventually be faced with an unmanageable level of tax arrears.

Understanding how to present a realistic and sensible time to pay proposal to HMRC can be a difficult and daunting task. For this reason, many businesses turn to MCR for advice and guidance.

What happens if I don't pay my tax arrears?

The consequences of not paying your tax arrears can be drastic and could end up with your business facing bailiff actions, County Court Judgements and ultimately prosecution and compulsory liquidation. For this reason, it is vitally important to put in place measures to address tax arrears as quickly as possible.

Why Choose MCR?

MCR specialises in helping businesses with tax arrears to get back on track. Our advisers will assist in establishing a sensible turnaround plan to give your business focus which may help you to raise new finance and secure payment plans with your creditors including HMRC.

In addition to helping you to deal with your immediate tax arrears, MCR can help you to address the underlying financial issues within your business and ensure that you avoid tax arrears in the future.

Click here to find out more about how MCR can help you to deal with tax arrears.