The Government don’t want businesses to fail; communication is the key here, we will talk to the revenue on your behalf and negotiate assistance.
Please act sooner rather than later, it is far easier for us to approach them on your behalf than wait for them to visit you, they won’t go away.
HMRC time to pay arrangements
Falling behind on payments to HMRC is easy to do, with one of the most common reasons being a bad debt or unexpected expenditure having an immediate effect on business cash flow. In order to compensate for this and continue trading, essential payments such as suppliers, wages, rent and utilities are often prioritised over payments to HMRC. If not repaid quickly this situation can easily spiral out of control and become unmanageable.
What is a Time to Pay Arrangement?
The Time to Pay arrangement is a government initiative implemented in 2008 in an attempt to combat the effects of the recession. It works by allowing struggling businesses to repay their outstanding PAYE/ NI or VAT liabilities in instalments, rather than in one go. Usually Time to Pay arrangements last either 6 or 12 months, although they can last longer if there is a realistic prospect that the debt will be repaid eventually.
What are the advantages of a Time to Pay Arrangement?
The cost of your liabilities will be spread out over a period of time rather than all at once. This will improve cash flow and ensure your business has money to pay rent, wages and suppliers.
Opting for a Time to Pay arrangement will demonstrate a willingness to repay liabilities and help your business remain on good terms with HMRC.
Proactively seeking time to pay will decrease the likelihood of HMRC taking enforcement action against your business.
The process of a Time to Pay Arrangement
Is a Time to Pay arrangement right for me?
What if HMRC refuse to accept my proposal?
What if I’m nearing the end of a Time to Pay arrangements and have missed some instalments?
The Business Board offer a fast and efficient service with nationwide coverage from a network of regional offices, meaning a free consultation can be arranged at a time and location most convenient to you.
If you think a Time to Pay arrangement may be right for your business, get in touch today to arrange a free confidential consultation with no obligation.