What happens if i dont pay paye
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They will always ask for an update on your financial situation, including savings and assets, before agreeing. The lack of either of these is also going to contribute to a potential refusal.
After your payment plan has been refused you do have the option of asking to speak with someone more senior to see if another perspective may help. You should be aware that if a payment plan is refused they will likely proceed with enforcement of some kind. This is because a CVA allows you to negotiate with all creditors simultaneously and agree on a legally-binding payment plan.
CVAs are not suitable for all companies by any means. In fact they are only appropriate for those businesses which are viable as successful entities going forward. The basic premise of a CVA is that a company is given the opportunity of paying off their current debts using future profits.
The key here, therefore, is that the company must be capable of sufficient profits to ensure the necessary monthly payments can be made. If you have been deducting the amounts from source and then spending these to assist with the day-to-day running of your business, this hints at severe cash flow problems which need to be addressed. Cash flow can be improved by introducing new funds into the business, with invoice factoring and discounting particularly useful tools for doing so.
Invoice funding allows you to release a portion of the money you have tied up in unpaid invoices. While there is a fee for doing this, typically a percentage of the released invoice amount, the boost this can give to your ongoing cash flow management and the added element of certainty in regards to incoming payments is often well worth the cost.
Alternative Finance Options Available. A CVL can only be entered into under the guidance of a licensed insolvency practitioner and will bring about the end of an insolvent company.
Following the CVL, the company will cease to exist and any outstanding debts, including those owed to HMRC, will be written off unless they have been personally guaranteed.
While this is a big step to take, in some situations it is the logical way of calling time on a poorly performing company. We are experts in business recovery and turnaround, and helping directors navigate times of financial distress. We can discuss ways of bringing your debts under control and can even negotiate with HMRC on your behalf.
Call us today on to see how we can help. Complete the details below and our advisors will arrange a visit to your home. This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. Problems paying PAYE? Get advice now Affected by Covid?
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