A business review allows the user to obtain an independent review of their business, that provides honest and unbiased advice from someone who isn’t attached to the company.
Options for Businesses with HMRC Tax Arrears and Pressure from Trade Creditors
Finding that your business can not meet its liabilities can be rectified. There are several options available to help businesses experiencing difficulties with tax arrears.
- Ask HMRC for Time to Pay. HMRC may seem inflexible but this isn’t always the case. HMRC will want to see any debts fully paid, so finding a compromise and date at which you can pay is often a possibility, but requires you to be helpful and communicative. In 2008, HMRC implemented a Business Payment Support Service to support business struggling due to the recession.
- Company Voluntary Arrangement (CVA). A CVA is a legally binding agreement between your company and your creditors. CVA’s are a good way to improve cashflow and can also relieve pressure from tax, VAT and PAYE whilst the CVA is being prepared.
- Administration. Administration can offer some protection to your company from the aggressive legal action from HMRC.
- Pay off Debts. You can always pay off your debts with any money you raise through commercial finance.
A funding review provides you with a detailed analysis of your current finance agreements and the chance to source products better suited to your current situation
Sales Ledger Review
A sales ledger review undertakes a review of your current sales ledger administration.
The main focus of the report will analysis the paper trail to support the invoicing process.
The review will identify strengths & weakness in your systems and provide you with practical recommendations how to improve the management of your stock. This will improve the cash-flow within the business, due to a more productive stock management.