Q. I have worked as Limited Company for the past 10 years. My line of work hasn’t been very profitable during the past 5 years. My business account is now empty. I have diagnosed with cancer 12 months ago and have received treatment. It is too early yet to know if it was successful. I have VAT and Corporation tax liabilities which I am unable to pay. It is a worry. Can anyone advise on how I can get out of this mess? Any advice would be appreciated.
A. We’re sorry to hear you’ve had some recent bad news, we do hope you make a full recovery.
It is vital that you contact HMRC immediately to inform them of your circumstances and negotiate a time-to-pay-arrangement in respect of the VAT & C.T arrears. More information can be found here.
It may be that your company might have to ultimately enter into an MVL but we cannot advise on this. It is something you will need to discuss with your accountant.