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HMRC bonds

HMRC bonds


HMRC are asking for business owners connected with a different business that has entered solvency to pay a bond / deposit as security going forward in the new business.

The biggest creditor to lose money time and time again to an insolvent entity is HMRC and they have begun clamping down to stop directors involved in serial insolvency procedures from incurring losses again and again.

In order to do this they can and do now insist on being paid a bond upfront when they think an entity is at risk of not paying taxes.

Here is a useful link for more detail:

https://www.gov.uk/guidance/tax-deposits-and-bonds-employers-and-traders



David Kirk ACA FABRP

David Kirk

David Kirk is a Chartered Accountant and Licensed Insolvency Practitioner.
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