What is a notice of requirement? (NOR)
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HMRC have for some time been issuing Companies and in some instances, sole traders, with a NOR also known as a security or a VAT bond. The security can be requested to cover future liabilities including PAYE and National Insurance. A NOR will be issued in instances where HMRC believe that you will not pay your tax or duty on time. The notice will demand a cash payment from your business and those funds will be retained by HMRC for a period of 12-24 months, pending normal scheduled payments being made.