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National Debt help for tax debt run up through self-employment or a small business

Income Tax (PAYE), National Insurance or VAT arrears are all classified as priority debts – meaning they take precedence over non-priority debts (which include credit card debts and payday loans).

You should seek debt help for these debts on an urgent basis. Any delay may lead to court action or the arrival of bailiffs. You should also be aware that if you owe more than £5,000, HMRC are able to begin bankruptcy proceedings.

Worried about debts that won't go away?

Debt help tips for tackling business/tax debt:

  • Double check that the amount being asked for is correct. It’s a good idea to run through the figures you’ve submitted for your income and outgoings (you may want to seek debt help from an accountant).
  • Before being able to make a repayment proposal, you’ll need to know how much you can afford to repay. To come to a figure, create a personal budget that lists your household income and expenditure.
  • Be open and honest with HRMC and try to inform them ahead of time that you’re unable to pay your tax bill. Contrary to popular belief, HMRC advisors are understanding, although you will be asked why you’re unable to pay your tax bill on time.

Ready to seek debt help? Talk with the National Debt Help team on 0800 002 9051.

*An Individual Voluntary Arrangement (‘IVA’) is subject to the customer meeting qualifying criteria and gaining creditor acceptance. Monthly IVA payments include fees and may differ to the example provided, based on the assessment made of your own personal circumstances – these fees will be clearly explained to you in writing by your IVA company. Debt write off amounts are subject to creditor acceptance and vary by individual customer based on their own financial circumstances, and are applied upon successful IVA completion.

Substantiation example, Someone owes £60,000, they pay £100 over 60 months which equals £6000, write off amount would be £54,000 which is 90% of total debt level. Upon submitting your details on this website we will pass your details to one of our approved partners as this website does not give any advice.

Free debt counseling, debt adjusting and credit information services are available from the Money Advice Service.

National Debt Help
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