HMRC Debt Management Is a Serious Matter

Debts owed to Her Majesty’s Revenue and Customs are serious and should not be ignored. If you are in a position where you owe a debt because of a fine or a tax issue, then you need to get HMRC debt management advice as quickly as possible. The HMRC are actually quite reasonable and will usually work with people to make sure that the debts that they owe are paid off in a timely fashion. You don’t need to worry too much about them chasing you as long as you communicate with them and try to make a good faith effort to pay down the debt. If you ignore the debt however, then they will pursue you quite aggressively, and it could have a serious negative impact on your credit rating and your long term ability to get a mortgage or other credit.If you are worried about debts that you owe the HMRC, your first port of call should be their helpline. Talk to them. They will usually be willing to work with you and help you to come to a reasonable arrangement. If you don’t get any joy with them, or you need budgeting help and advice, go to the citizens advice bureau for HMRC debt management help. They will help you to find ways to cut your bills and offer you suggestions for financial aid that you might qualify for. There could be benefits or discounts that you did not know you could get! Once you have your finances on track you can look at paying priority debts – your rent, council tax, and things that you owe to the HMRC. From there, you can rebuild your credit rating, and hopefully avoid getting into financial trouble again. Be sure to file your taxes on time so that you don’t get another fine!