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Posted: Tue Oct 20, 2009 9:08 am
by benson6051
hi
has anyone had any success with the revenue for vat and paye
and also natwest what are they to deal with .
fingers crossed [8D]
Posted: Tue Oct 20, 2009 9:28 am
by Michael Peoples
HMRC support proposals that meet their criteria. Non compliance is one of their main objections so any outstanding returns must be submitted even though you do not have the funds to pay. If the problems can be justified HMRC will support an IVA but if there is a history of non payment of Crown debts whether personal or via limited companies they will almost certainly reject.
Nat West also support viable IVAs where the best offer is made so you shoudl have nothing to fear from putting forward an IVA proposal.
Posted: Tue Oct 20, 2009 10:53 am
by thefsg
I had £28k owing to HMRC for self-assessment tax and they accepted
Posted: Tue Oct 20, 2009 12:01 pm
by MelanieGiles
I personally find HMRC a very supportive creditor, but as Michael says they will very much use compliance with submitting returns as a paramount factor in deciding whether to support an IVA proposal.
Posted: Wed Oct 21, 2009 2:52 pm
by benson6051
hi again we fallen on vat and paye payments for the last so its about 100k roughly do you think they would go for an iva also nat west for 60k all business related but in my name[:(]
Posted: Wed Oct 21, 2009 2:57 pm
by Michael Peoples
If the proposal is viable and there are no reasons for rejection the size of the debt is not an issue with HMRC or NatWest. You will have to ensure that all the returns are in and all creditors listed. It will also be necessary to draw up a business plan which will make allowances for all future Crown debts but if accepted it is effectively like starting over again. If your business is sound and can trade on and fund an IVA it is certainly an option.
Contact an IP firm for some free advice and to find out what the best option for you is given all the facts.
Posted: Wed Oct 21, 2009 4:04 pm
by MelanieGiles
As we have already said, if you have good reasons for the debt, and have not used HMRC merely as an involuntary source of funding for business losses - coupled with the fact that you have submitted all of your outstanding returns, HMRC are immensely accecptable to IVA proposals - but they will watch you like a hawk post IVA, and you do need to ensure you have a sound and viable business in the first place.