My company can’t afford to pay HMRC the tax or VAT I owe.
HMRC is a creditor which all business owners have in common. Unexpected or badly planned for corporation tax, VAT or PAYE bills account for many insolvent limited companies, and HMRC is by far and away the most regular petitioner to wind up limited companies through the court.
What can McAlister & Co do to help if I can’t afford to pay my tax or VAT bills?
Negotiating with the HMRC can be daunting, but you don’t have to do it yourself! We are able to liaise with HMRC on your behalf, as we would with any other creditor, to come to an agreement about your situation. In addition, as a trusted and qualified third-party intermediary, we are likely to have more success at negotiating the best outcome.
If you are struggling to pay HMRC or any of your other bills, then call us/email us immediately. We will be able to help.
As fully qualified insolvency practitioners we have the full range of insolvency procedures available to us, meaning you get the best outcome to your businesses situation. It may be that a CVA or CVL is best suited to your situation but there are still a range of options that can be discussed.
What Will Happen to My Personal Finances?
All insolvencies are impacted by when directors act. Early action may preserve the business and your own finances.
Although McAlister & Co will aim to preserve viable businesses, if the worst does happen we are proud to have a fantastic record in making liquidations self-funding.
If carried out correctly, and at the earliest warning signs, many directors do not have to pay to liquidate a limited company.
A common misconception is that if a company is being liquidated by the court, or being liquidated voluntarily, a director will have to pay out of their own pocket to meet the fees. If caught at an early stage, insolvency can often be paid for through company assets.
Our professional and impartial advice will always aim to show directors the cheapest way to liquidate a limited company. Our staff are experts in corporate insolvency and with their combined knowledge of over 100 years, McAlister & Co will always advise on the best solution. It may be as simple as filing a form at companies house and paying a £10 fee.
An example is the most common mistake we encounter; Directors paying staff their final wages out of their own pocket. If there is not enough capital in the company, unpaid wages and redundancy payments are paid for by the Government. McAlister & Co will always advise and help any employees that require assistance with this process.