Small Businesses

Woman at Business Meeting

The owners of small businesses are accusing HMRC of being aggressive in its attitude towards them as it seeks to claim tax money owed, stating that this is heaping further stress onto them.

Small firms have told Begbies Traynor that the tax authority is pursuing them over money owed with a highly aggressive attitude, especially those firms that have fallen behind after agreeing Time to Pay deals. They indicated to the restructuring company that this is putting them under severe stress, as it is being combined with pressure to repay Bounce Back Loans and rent debt to landlords.

One option for small firms juggling these different problems is to also ask an accountant that specialises in tax return services in Goole or anywhere else to act on their behalf in dealing with HMRC.

This version of events is being disputed by HMRC though, with one of its spokespeople stating to Small Business that its attitude towards smaller firms in this situation remains one of support, and that it is willing to work with them to find solutions.

The spokesperson went on to add that:

“If someone in a Time to Pay arrangement misses a payment, HMRC will contact them to find out why. Where possible, HMRC will restore the payment arrangement or renegotiate it with them.”

However, worries over a range of repayments remain real among small businesses. Bank of England figures show a rise of 44% in those defaulting on loan repayments, and many directors of these firms are considering options for insolvency.

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