Archial Group went into administration, last night, after HMRC rejected a payments deal for tax owed from previous years. HMRC issued a winding up petition that marked the end for a firm that was listed on AIM and shares were worth some £1.89 in 2007. Before shares were suspended last month they were worth 1.5p. The firm blamed public spending cuts on its demise.
The administrators from PricewaterhouseCoopers are looking for a quick sale of Archial as a going concern.
It isn't clear exactly how much tax was owed, but HMRC will generally listen sympathetically to requests for VAT and PAYE owed to be spread out over time under the HMRC Time to Pay Scheme. However, on corporation tax they are less flexible.
If you are having problems with paying tax then talk to us and we can talk to HMRC for you.