If you have been unable to keep up with your VAT payments and the bailiff has served you with a distraint order from HM Revenue & Customs, we are frequently asked whether there is a way to put a stop to it.
Make no mistake that these days HM Revenue & Customs mean business.
If you owe back taxes, HM Revenue & Customs will get their money one way or another.
You will also have been asked to sign a document, otherwise your assets could be seized immediately.
By signing the document, you will buy yourself a short-term reprieve in which to come up with the tax arrears or seek professional insolvency help.
Understand one thing – you need to act quickly because the bailiff or HM Revenue & Customs field officer will be back if the debt isn’t cleared within the allotted timeframe.
At that point they can take control of any assets or possessions which are not officially ‘tools of the trade.’
Be advised that you cannot sell or trade any assets once you have been served a distraint notice and to do so would be considered a criminal act.
Can you stop a distraint order notice?
There may be a solution, but time is of the essence. It cannot be emphasised enough that you must act and you must act quickly.
Contact a licensed insolvency practitioner immediately to see whether a Company Voluntary Arrangement,
Administration or even a quick business loan such as invoice factoring could possibly offer the help you need.
We can help to determine whether or not your business has the potential to be viable once again – this is the foundation upon which stopping a distraint notice is built.