Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
I am sorry, but the Just Answer system has lost my reply.
I am sorry, but the Just Answer system has lost my reply. Unfortunately HMRC adopt the attitude that as you have had the money why can you not pay it back immediately! Don't get yourself into the Dad's Army 'Dont panic!' situation. Just write to your tax office and negotiate a repayment schedule acceptable to the Department and the tax payer. Since tax debts ceased to be preferential HMRC's enthusiasm for windings up and bankruptcy proceedings, formally their stock in trade, has diminished.
However, do check that their assessments are correct. If they are not then write and tell them so, thus making an appeal against an assessment. HMRC are notorious for incorrect assessments, invariable in favour of the Revenue! At this stage I would not lumber yourself with a loan until negotiations have been concluded.
I do hope that you have found my reply of assistance.