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Recruitment Finance Division rescues failing recruiter following HMRC demands

Recruitment Finance Division rescues failing recruiter following HMRC demands

The Recruitment Finance Division of Lloyds TSB Commercial Finance has just helped rescue a recruiter faced with a HMRC winding-up petition. Last month the Recruitment Finance Division saw an unprecedented volume of such petitions, with four clients in the space of a single week being served notice. This increase in petitions is likely to be a reaction by HMRC following scrutiny of the fiscal year’s PAYE returns.

For the rescued client, the Recruitment Finance Division was able to organise the payroll for over 250 workers, ensuring the temporary workers’ wages were paid without interruption, in spite of the extremely tight timelines involved. Without this quick turnaround, the workers would not have been paid, jobs would have been lost and clients’ requirements not met.

Stuart Talbot, head of the Recruitment Finance Division, said: “Some recruiters are clearly struggling as a result of recent HMRC tax demands and to see four winding up orders in the space of a single week is really worrying. Our teams worked incredibly hard to be able to put into place so quickly our Cash Friday payroll finance to ensure business continuity, something which I doubt other any other funder could have achieved given the number of workers involved.”

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