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Tips to negotiate with HMRC over a tax debt

We all know the importance of HMRC and the difficulties taxpayers have been facing over the past few years concerning VAT or PAYE. Resolving conflicts is not easy anymore, and this could mean you might receive threatening letters from HMRC which could deliver  a considerable amount of stress for business owners.

So, here are some helpful tips that will give you an idea about how to negotiate with HMRC over tax debt.

  1. Get in touch with an expert

Before moving ahead, we would like to tell you that the importance of a business rescue specialist is high and you should not think of solving such issues all by yourself. Remember that an advisor will be ideal for you in situations like dealing with HMRC arrears and any mistake from your end can make things worse for you. So, be smart and make sure that you get in touch with the expert as soon as possible and let them handle the situation.

  1. Prepare yourself for a meeting

You need to arrange a longer period in order to clear your debt, and for this, it will be important to schedule a meeting with the authorities. If you get an opportunity to meet face to face, you should bring along every necessary document that will be required, such as related forms, proof of extenuating circumstances and every other document that can help you in succeeding with your goals. In this case, it is important to appear polite and be well dressed to make a good impression for a productive meeting.

  1. Discuss the payment plan

Even before you sit down for a meeting with the authorities, you need to be sure that a payment plan is discussed with your financial Advisors. While your entire focus might be on the amount, you go to the authorities, keep in mind the payment plan should have a provision for future tax payments and every other financial concern related to your case. This will help you stay confident while giving out your proposal in the face to face meeting.

  1. Start negotiating

A payment plan might not be an option in every case, and so you should have certain Strategies and mind to negotiate the debt. With thoughts of negotiations in your mind, you need to prepare yourself to answer a number of questions about your business, and it will be in your interest to provide accurate and complete information to the authorities. Any mistake on your end can lead to a number of issues and so you need to be careful about the information that is shared.