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.
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!