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Businesses ‘struggling’ to pay VAT bills on time

UK businesses owe around £2.5bn in VAT to the Government, a recent report has revealed.

This represents a reduction on last year’s figure of £2.7bn, with the decrease being put down to a marked rise in the use of business asset seizures (or ‘distraint’) by HM Revenue & Customs (HMRC).

In addition, HMRC has more than doubled its spending on external debt collection agencies, to almost £13m.

The late payment of VAT is often a consequence of the requirement that companies pay VAT before receiving payment from their customers. The late payment of invoices can cause cash flow problems, and places many businesses under increased financial pressure.

We can help with all of your VAT and cashflow planning needs. Please contact us for further advice and assistance.