Deal With HMRC Tax Arrears Efficiently

Let us help you deal with your tax arrears

HMRC, or His Majesty’s Revenue and Customs, needs to be paid as soon as it becomes due. Whether it is PAYE, VAT, or NIC, you need to clear them on time to avoid any penalties from the court. If your business falls behind on tax payments, HMRC may alert you and take action to recover the money. They send warning letters and have seven days to respond. Manage your HMRC tax arrears with Growth-Finance.

What is HMRC Tax?

HMRC tax refers to the taxes administered by Her Majesty’s Revenue and Customs (HMRC). It is the government agency responsible for collecting taxes in the United Kingdom. HMRC is tasked with enforcing tax laws and regulations, ensuring that individuals and businesses pay the appropriate amount of taxes according to the law.

Types of taxes collected by HMRC 

  • Income Tax

This is a tax on an individual’s earnings, including wages, salaries, pensions, and rental income.

  • National Insurance Contributions (NICs)

These contributions fund the UK’s social security system and are paid by individuals and employers based on earnings.

  • Corporation Tax

This tax is levied on the profits of businesses operating in the UK.

  • Value Added Tax (VAT)

A consumption tax is applied to the sale of goods and services. Businesses usually collect VAT from customers and remit it to HMRC.

  • Capital Gains Tax

This tax is applied to the profit made from the sale of assets, such as property or investments.

  • Inheritance Tax

This tax is levied on the estate of a deceased person if it exceeds a certain threshold.

  • Stamp Duty

This tax is applied to certain transactions, such as property purchases.

  • Excise Duties

These include taxes on goods like alcohol, tobacco, and fuel.

HMRC Tax Arrears

What Is the Time to Pay Arrangement?

A Time To Pay (TTP) arrangement with HMRC is a payment plan specifically designed to help individuals or businesses who are struggling to pay their tax arrears in full and on time. It allows you to spread your owed amount over a manageable period, typically up to 12 months, reducing the immediate financial burden.

How Does TTP Help Businesses And Individuals?

  • Affordable instalments

The payment plan is tailored to your circumstances and income, ensuring you can comfortably make the monthly installments.

  • Stops further action

As long as you stick to the agreed payment plan, HMRC will not take further enforcement action, such as debt collection or legal proceedings.

  • Peace of mind

Knowing you have a manageable way to clear your debt can provide much-needed relief and focus.

Why Choose Growth-Finance?

  • Expertise You Can Trust

At Growth-Finance, we understand the complexities of HMRC regulations and the challenges that arise when dealing with tax arrears. Our team of experienced tax professionals is here to guide you through the process, providing expert advice and tailored solutions.

  • Customized Solutions

We recognise that every client’s situation is unique. Our HMRC Tax Arrears management service is customizable to fit your specific needs and financial circumstances. Whether you are an individual or a business, we work closely with you to develop a personalised plan that addresses your tax arrears effectively.

  • Proactive Approach

Timely action is crucial when managing tax arrears. We take a proactive approach to engaging with HMRC on your behalf, negotiating favourable terms and creating a Time To Pay arrangement that aligns with your financial capabilities.

Let Growth-Finance Deal With Your HMRC Tax Arrears

Tax arrears can create an unnecessary burden on your mind and impact the productivity of your work. You definitely don’t want your credit to become unmanageable. Whether you want to pay foreign suppliers or clear your tax arrears on time to avoid any legal actions, Growth Finance is the name to trust. Connect with Growth Finance professionals and let us create a personalized plan to manage your arrears.

For more queries related to our HMRC tax arrears services, connect with us today!

Frequently Asked Questions

HMRC stands for Her Majesty's Revenue and Customs. It is the UK government department responsible for collecting taxes, administering benefits, and enforcing regulations related to customs, among other financial duties.
HMRC tax arrears refer to unpaid taxes owed to HMRC. It can result from a failure to pay taxes on time, either due to financial difficulties or other reasons.
If you can't pay your tax bill on time, it's essential to contact HMRC as soon as possible. They may be able to arrange a Time To Pay arrangement or provide guidance on available options.
A Time To Pay arrangement is an agreement with HMRC that allows taxpayers to spread the payment of their tax arrears over an extended period, making it more manageable.
To negotiate a Time To Pay arrangement, contact HMRC as soon as possible. Provide details of your financial situation and propose a realistic repayment plan. HMRC will assess your case and determine whether an arrangement is feasible.
While HMRC itself does not report to credit reference agencies, unpaid taxes can lead to legal action, which may impact your credit rating indirectly. It's crucial to address tax arrears promptly to avoid such consequences.