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Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
I assume that your business turnover has exceeded to turnover level of 83K in one year. I would suggest that in disputes with HMRC you are better to employ a local, trusted professional in this matter. They can perform the necessary procedures which may reduce or eliminate any penalties and settle with that Department.
I do hope that you have found my reply of assistance.
They may, better a staged payment rather than a bankruptcy and nothing! If you use a professional as | have suggested I think you will find such an agent better placed to negotiate. Unfortunately HMRC tend to the view that as you have had the money why can you not pay the tax due? A professional will be better placed in this matter. \the fact that you now have a bookkeeper will put you in a better position in negotiations, it shows a positive step forward.
Thank you for your support.