Following the UK business secretary offering assurance that HMRC will take a ‘cautious approach’ to recovering tax debts (see our previous blog), HMRC has now published guidance outlining its approach.
This guidance also explains how HMRC might respond where a business has taken advantage of one of the government backed lending schemes (such as a bounce back loan or CBIL) as well as outlining its approach to company voluntary arrangements.
Can a UK business therefore expect HMRC’s support? The answer to that depends. Is there a viable business with temporary cash-flow problems? Or does the business have a limited chance of recovery? We have prepared this alert that looks in more detail at what a business can expect in the coming months from HMRC, setting out key considerations for UK businesses and insight into when a business is likely to secure support from HMRC.