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Fancie in Liquidation?

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Interestingly I'm using the example of Amanda Perry and Fancie in a talk I'm giving next week about HMRC security bonds.

 

Wow, that is very interesting - I never knew those existed. When can HMRC wheel these out and is it restricted to small businesses?

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Wow, that is very interesting - I never knew those existed. When can HMRC wheel these out and is it restricted to small businesses?

 

HMRC can use them in two circumstances.

 

Evidence of phoenixism, where it can be shown that a new business is a continuance of a previous one that left debts with the same or related controlling parties and trade; or non compliance, where 2 consecutive VAT returns have not been paid or three PAYE returns and the debt is over £20,000.

 

The security can be massive. It will be made up of the current debt plus a projected amount based on 4 months PAYE tax and NIC or 6 months VAT. I served one for nearly a quarter of a million a couple of weeks ago.

 

The object of the security is to prompt the business to either get compliant quickly, arrange a Time To Pay or go insolvent (which has the effect of stopping any more debt accruing). Failure to pay a security is a criminal matter.

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