Options Paying PAYE HMRC Arrears
Options paying PAYE HMRC arrears exist, and dealing with HMRC Debt Management, and clearing HMRC debt.
PAYE Time To Pay
The HMRC may consider a Time to Pay Arrangement as part of your options paying PAYE Arrears.
To qualify, you must prove the company can repay the PAYE over twelve months or sooner. This also includes any other tax owed in that tax year.
What do PAYE HMRC payments include?
PAYE tax bill in the UK will include:-
- Employee income tax deductions
- Class 1 and 1B National Insurance
- Student Loan repayments
- Construction Industry Scheme (CIS) deductions
Company Voluntary Arrangement (CVA)
For companies with tax issues, HMRC arrears often hide a far more sinister problem with the solvency of the company.
When the company has additional pressures from trade creditors and asset-based lenders (ABL’s), perhaps a company voluntary arrangement (CVA) may afford the company better prospects. With a CVA, you can pay your company’s debts off over five years. Further, you may not have to pay 100p in the £1.
Take note though, a CVA is an insolvency procedure, though it is not ceasing to trade. A CVA can be an overwhelming tool to rescue a company.
Options paying for PAYE HMRC Arrears – Invoice Finance / Factoring
Invoice finance is the ability to sell unpaid invoices for an accelerated payment credit. Unlike conventional banking, usually withheld from businesses who cannot demonstrate perfect credit performance, invoice finance evaluates the credibility of the company against an invoice raised.
For further advice on PAYE. Please then view ‘Raising Capital to pay HMRC.
Can I be Personally Liable for PAYE HMRC Arrears?
If you are failing to pay the tax due, then proven by the HMRC that payment was withheld deliberately and planned, then they may issue you with a personal liability notice.
Are PAYE arrears pulling your company down?
For further reading, view ‘Can HMRC hold Directors liable for Tax‘
Section 121C, Social Security Administration Act 1992, permits HMRC to hold company directors personally accountable where there seems fraudulent intent.
Further, Articles PAYE
Will the HMRC audit PAYE compliance?
Misuse of non-payment of PAYE to assist the company cash-flow, with other management errors.
Why do the HMRC separate how they collect VAT and PAYE?
Deadlines set by HMRC for paying PAYE tax?
Interest Rates applied by HMRC for late PAYE payment. Please read Company Can’t pay PAYE to HMRC.?