Crown Debt Reports

Does your business need help with restructuring PAYE / VAT arrears?

Sterling Business Strategies is a specialised division of Sterling Capital Reserve Ltd, concentrating solely on restructuring PAYE / VAT arrears.

A Crown Debt Report would review the issues, which have lead to the current financial situation and highlight the strategic and operational actions being undertaken to resolve it. Additionally, a cash forecast would be included to identify a repayment profile which fits with your economic recovery.

The process has assisted numerous companies to avoid formal insolvency and thrive.

As an employer, income tax and National Insurance contributions (NICs) are required to be deducted from your employees' pay. These deductions (which includes the employers NI contributions) are required to be paid over to HM Revenue & Customs monthly.

Value Added Tax, or VAT, is a tax that applies to most business transactions involving the transfer of goods or services. Once your business turnover reaches a certain level, (prescribed each year by the Chancellor) you will have to register for VAT. This means that whenever you buy or sell anything in the course of your business, you will have to charge VAT on your sales, keep proper VAT records on your incoming and outgoing transactions and pay VAT to HM Revenue & Customs (HMRC). The payments can be paid over monthly or quarterly, dependent on the arrangements in place with HMRC.

Failure to submit the required returns and payments can lead to legal proceedings being implemented against you by the Crown. This can involve the use of bailiffs, County Court Judgments (CCJs) or the presentation of a winding up petition or bankruptcy petition against you.

Should you have VAT and PAYE arrears, ignoring them and waiting for the inevitable should not be an option. Neither should insolvency!

Contacting Sterling Business Strategies early will provide immediate relief and allow you to maintain control of your business.