What an HMRC Notice of Distress does is place “a levied distress upon the goods and chattels listed in the inventory.”
This means that HMRC can legally confiscate your stock and assets and until any outstanding amount of debt is paid, along with any additional costs, charges, expenses and distress fees, the goods may be sold.
A Notice of Distress will be issued only for an outstanding tax debt owed to HMRC that will have been overdue for some time.
If you’ve received one then you have to act quickly.
You’ll have approximately five days before a High Court Enforcement Officer or bailiff visits your premises to take the property that will be listed in the notice.
While there are clear rules on what can and can’t be taken including items and equipment essential to maintain the operation of the business, it would still be an unnerving and unpleasant experience to have your possessions lawfully removed over an outstanding debt.
If you’ve received a Notice of Distress then the clock is already ticking and you need to get in touch with some experts before any more crucial time elapses.
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