Case study
Case study: Strategic intervention for Huddersfield-based security firm
Background:
• Security company based in Huddersfield
• £250k HMRC liability
A Huddersfield-based security firm faced cashflow challenges resulting in an outstanding HMRC liability of £250,000. Due to the accrued large debt, HMRC's field force agents visited the premises as per procedure to approach the seizure of company assets. In an attempt to avoid disruption to operations, the Directors entered into two Time to Pay (TTP) arrangements: one requiring £25,000 per month with a £20,000 upfront payment, and a second requiring £8,000 per month with a further £10,000 upfront payment. The threat of asset seizure in the event of default would have had a significant and immediate impact on the company’s ability to trade.
Our approach:
The company was referred to Leonard Curtis with a view to discuss suitable options to avoid insolvency. Identifying a viable business should be the debt be repaid appropriately, Anthony referred the business to the Leonard Curtis business advisory team. The team utilised their experience and in-depth knowledge of working with HMRC to manage the negotiation with a specialist unit within HMRC. to pursue more manageable terms for the client.
Outcome:
Within 7 weeks a single consolidated TTP arrangement was successfully negotiated and agreed. The new agreement reduced the company’s monthly repayment obligations from £27,000 to just £5,500 per month across a 46-month period. This structure not only eliminated the need for large upfront payments but also alleviated immediate cashflow pressures, giving the business much-needed breathing space.
Result:
The new TTP arrangement helped stabilise the company’s financial position, avoid asset seizure, and allowed the business to continue operating without interruption.
Leonard Curtis’s swift, tactical approach combined with our established HMRC relationships – understanding how to support HMRC and businesses - delivered a significant turnaround for the client, reinforcing the value of early intervention and expert advice and support.
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Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.