If you are self-employed, any money your business owes is known as a business debt. If you are a company director and have given personal guarantees on business loans then your business is liable to pay repayments, if your business fails, the repayment liability becomes your responsibility. Currently, there are two types of creditors, one who works under FCA regulation and the second who works under non-regulated financial products market.
Non-priority Business Debts
Priority Business Debts
For information on the rules about other types of tax, contact us for free advice.
Interest and Penalties
Penalties for missed Income tax filing deadline are as follows:
Penalties if you pay your income tax late are as follows:
Debt Enforcement – Business Debt
Some of the actions HMRC can take are as follows:
- Debt Collection agency
- Bailiff action
- County Court Judgement and bankruptcy proceedings
- Direct payment collection from your business and personal bank account
- Magistrate court action
- Use of Field collects officers
For any further advice and debt solution, please call our office on 0203 318 0990.