HM Revenue & Customs filed 4,308 winding up petitions in the year to September 2019, an increase of 6% from the previous year. HMRC uses these petitions to chase outstanding tax payments, which could result in the closure of the business, and the liquidation of assets.
Once a winding up order has been made by the court, there is little that a business can do to prevent liquidation, unless they can pay the tax bill.
Relatively few businesses deliberately miss tax payment deadlines. Often it is a choice of paying the tax bill, or paying staff or suppliers, and they need additional time to pay.
If you are struggling to pay your corporation tax in full or on time, it is vital that you seek expert help and advice as soon as possible. The sooner you face up to the problems you are having, the better the chance of a positive outcome.
Our market-leading specialist tax team are dedicated to minimising our client’s exposure to taxation on an ongoing basis, if you would like to discuss, please give us a call on 01788 539000 or 0116 261 0061.