What to Do When You Cannot Pay VAT
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Many businesses in the UK are struggling and have problems paying vat and will often place their business in danger of being bankrupted. Since the fees involved with hiring solicitors or accountants to act on their behalf are exorbitant many of these business owners choose to try to work it out on their own. Unfortunately, VAT isn't as easy and straightforward to understand as it could be and there are simply times when it takes a professional to help with VAT payments in order to get them under control as quickly as possible.
According to HMRC the first thing a company should do when they cannot pay VAT is to contact HMRC which is better than letting the matter slide. Many business owners don't realise that the penalty surcharge on late VAT payments continues to grow until those taxes are paid. Many times a professional financial/business advisor can negotiate with HMRC for you so that the surcharge is halted in order to give your business a chance to catch up.
Most of the time a quick consultation with a business recovery firm can enable you to give them enough information to get the process started in dealing with unpaid taxes. Should you appoint a business advisor to handle your affairs with HMRC you will be able to continue day to day business operations while professionals are on the job dealing with Her Majesty's government. You may not understand all the levels of the Value Added Tax but your team of specialists will review your financial statements, negotiate arrangements with HMRC and then continue monitoring and administrating the established plan until your tax affairs are back in order.
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