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Corporate Management Services
HMRC Requiring Personal Guarantees from Directors
We have become aware that HMRC have started demanding personal surety from directors in respect of their company’s outstanding VAT and PAYE/NIC liabilities. This demand effectively strips away the limited liability protection afforded by a limited company and places the director’s personal wealth in jeopardy.
Before signing a personal guarantee for such a liability it is essential that the director takes immediate independent advice. CMS has deep experience of this situation and can advise directors on the best course of action.
If you receive a communication from HMRC demanding personal security call us immediately on 0800 622 6332 for fast confidential advice.
We have also seen reports of HMRC demanding that directors remortgage their own homes to pay limited company VAT and PAYE liabilities. We believe this goes against the concept of limited liability of incorporated companies - provided that the directors have not deliberately defrauded the Revenue Service.
Contact us today to discuss your options, in complete confidence.
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