No director intends to build up company tax debt when starting up a business. Most businesses however have large amounts of company tax debt when they run into trouble because it is easier to use money reserved for HMRC than not to pay staff of key suppliers. It’s simply a survival instinct. This will always be the case until HMRC devise a way of continuous payment so a large debt can no longer build up.
Company tax debt nearly always leads to a winding up petition and often results in the failure of the business. Sometimes this also results in a director ban.
If you are building up company tax debt then Call TaxGone on 01302 815846 before you end up in court and spiral into a ban.
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TaxGone - Company Voluntary Arrangement - CVA Specialists
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