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HMRC have published a new policy paper, 'Tax debt, government lending schemes and Company Voluntary Arrangements (CVAs)' on the collection of tax debts from businesses as the support schemes from the pandemic start to wind down and the moratorium on company winding-up petitions comes to an end in September.

 The paper is a continuation from HMRC's previous policy paper 'Collecting debts as we emerge from Coronavirus (COVID-19)'. This time there is more of a focus on tax debts owed by businesses in particular.

Useful guides on this topic

Time to Pay agreement
Business and self-employed taxpayers with outstanding tax liabilities may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.

Ceasing trading: What are your options?
What are your options if you are going to cease trading? What processes must be followed if you want to close down a company? What are the tax, company and insolvency law requirements?

Company Voluntary Arrangement (CVA)
As a result of the 2002 Enterprise Act, there are two main ways of trying to rescue or save all or part of a company that is in financial difficulties. These are by Company Voluntary Arrangement (CVA) or by Administration.

External link

Policy paper: Tax debt, government lending schemes and Company Voluntary Arrangements (CVAs)


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