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It is predicted that up to 800,000 UK small businesses are currently struggling to meet their tax debts and many of those risk harsh consequences for trading whilst potentially insolvent. Records have suggested that up to ?3billion per month is not being paid to the Revenue.Any business owner who trades whilst unable to repay their tax liability runs the danger of trading whilst insolvent and effectively risks the probability of becoming personally legally responsible for bad debts and tax arrears. Small Businesses who were previously struggling with tax predicaments always had the added cushion of having access to quick and affordable credit. However the rug has well and truly been pulled from under UK small businesses with many ending up in liquidation or CVAs.
During these unsteady trading periods business owners more than ever need to pay very careful consideration to their tax bill and check that enough money is being kept aside to pay for their arrears. To manage tax bills well is the essential key for a successful business owner if he wants to remain in business, as failure to sort out tax debts can amount to legal proceedings being issued by HMRC. It is also vital for UK business owners to immediately request professional advice concerning any tax problems. HMRC are normally more approving of business owners who take the first step to settling any difficulties instead of waiting for them to take enforcement action.
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