With the intention of maximising tax intake, the number of winding up petitions dished out to companies by HM Revenue and Customs (HMRC) has ascended to a prominent 57%, reports Accountants Northampton Harris & Co.
In 2011/12 the submission by HMRC was 5,302 compared to the meagre 3,367 in 2010/11, which means the institution has gone harder than before when it showered some solidarity to the companies hit by recession. At present, HMRC has implemented the liquidation method to repossess debt claims from businesses that are still due to pay their taxes.
During the recession there was the tax deferral scheme Time to Pay (TTP) that aided struggling businesses but the current procedure to procure taxes by the administration of HMRC prohibits the use of TTP.
In any event, it is suggested that any business that are struggling to pay the HMRC debt should call HMRC, as the administration has an outstanding rapport in lending aid to those who are experiencing genuine difficulty in paying their debts.
However to avoid reaching such serious situations, rely on a trusted accountancy firm like Harris & Co Northamptonshire accountants to monitor your finances.
Manage Your Finances Effectively With Harris & Co Accountants Northampton
If your company or business needs help keeping on top of their cash flow and financial responsibilities, Harris & Co accountants Northampton are here to help you run your business more profitably. Our research on markets and investments along with an highly skipped team of accountants ensures that you have complete access to some of the best financial services which support your business and help it to grow.
To make an enquiry please Harris & Co Northamptonshire accountants on 01604 660 661.