HMRC Tax Arrears

Tax is the one thing no business can avoid, and it comes in many forms. Her Majesties Revenue & Customs (HMRC) are the government body that manage and collect taxes.

National Insurance Contribution (NIC)

National Insurance Contributions go into a pot that is managed by the government and is used to pay benefits and pensions for individuals across the country. How much you’ve paid in depends on how much you can receive back when needed. National Insurance is collected by the employer from its self and the employee and paid over to HMRC.

Pay As Your Earn (PAYE)

Pay as you earn is the method used by HMRC to collect income tax from employees of companies. The company will collect the Pay as you earn paid by employees, which is deducted from their pay prior to them receiving it.

Corporation Tax (CT)

Corporation Tax is a form of tax that is calculated on the profits made by a company over a given period, usually a year.

Capital Gains Tax (CGT)

Capital Gains Tax may have to be paid if the company makes a profit or gain when it sells all or part of a business asset.

These assets could include:

  • Land and Buildings
  • Fixtures and Fittings
  • Plant and Machinery
  • Shares
  • Registered Trademarks

The company will need to work out the gain to find out whether it needs to pay tax.

Value Added Tax (VAT)

Value Added Tax is a tax that is levied on companies and consumers or the sale and purschase of goods. Value Added Tax is charged on things like:

  • Sale of goods and services
  • Selling business assets
  • Commission payable

Enforcement Notice

An enforcement notice is a document sent out by HMRC for tax debts outstanding to them by companies.

Debt Collection Agency

A debt collection agency is a company that works on behalf of HMRC to collect monies outstanding to them

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