The deferring of company tax debts is “a time bomb waiting to go off”, according to Parvinder Kaur who is a senior partner of turnaround company Express Tax Solutions. As an industry expert in insolvency and business recovery, she said more and more companies than ever before are resorting to (voluntary) administration over their taxes. “Companies across the UK are trading near the edge, and many are running up high debts in unpaid taxes. Many of these company’s require immediate help with tax problems.
The deferring of business tax arrears is “a time bomb waiting to go off”, according to Parvinder Kaur who is a senior partner of turnaround company Express Tax Solutions.
As an industry expert in insolvency and business recovery, she said more and more companies than ever before are resorting to (voluntary) administration over their taxes. “Companies across the UK are trading near the edge, and many are running up high debts in unpaid taxes. Many of these company’s require immediate help with tax problems.
Parvinder Kaur said claims against businesses by “HMRCs Debt Management and Insolvency Department in the form of winding up petitions and statutory demands penalty remains the single biggest trigger for directors placing companies into voluntary administration”. According to the experts the figures were something which alarmed them and looked unlikely to reduce towards the second half of 2009.
“HMRC can under certain circumstances make business owners personally responsible for a company’s tax arrears. This course of action is only normal protocol however where there is solid proof of fraud or serious financial neglect. However it is crucial for directors to monitor their company’s finances early to avoid being issued with enforcement proceedings”.
Very often businesses who are in tax arrears are also finding it difficult to satisfy their other business creditors. The help with tax problems has been amplified by many UK Banks calling in director’s overdraft and reducing the company’s overall lending lending rights.
This makes it absolutely essential for companies who have outstanding Tax Debts or for those who have been issued with litigation proceeding by HMRC to contact a specialist company who is able to assist. Very often business directors are only able to temporarily halt enforcement action
Express Tax Solutions is a specialist tax company which aims to help industries with tax debts settle their tax arrears in the most effective and workable method for the industry by resolving the tax issues that are affecting the business’s website design in Derby operations.
The tax experts and in house legal team work closely with the small business and HMRC to make an arrangement to pay the tax liability which is more realistic to the business to help them avoid being faced with the prospect of bankruptcy.
We have assisted businesses in a diverse range of sectors including accountants, solicitors, hotels, travel, property, construction, public houses, e-commerce, leisure, internet, automotives, printing, manufacturing, telecommunications and entertainment.
To save your business from becoming bankrupt contact the express tax solutions specialists on 0121 222 2422
