If your company has accrued tax liabilities, HMRC may agree to a Time To Pay (“TTP”) arrangement. Simply put, this does exactly what it says on the tin, and provides you / your company with revised terms to pay any accrued tax over a longer, fixed period. This is normally agreed for a period not exceeding 12 months, but of course all cases differ, and you may be able to secure a longer period. However, you will need to satisfy HMRC that the company can adhere to the TTP and also ensure that you stay up to date with future, ongoing tax liabilities.
We understand that dealing with HMRC can sometimes feel a little daunting and also time consuming. We have years of experience dealing with HMRC, and so if you prefer one of our team to assist you with setting up a TTP arrangement and liaising with HMRC on your behalf, do not hesitate to get in touch.
If you are unable to reach an agreement, or you need a longer period than HMRC are prepared to provide due to cash flow or other circumstances, we can talk you through other recovery options which may be more suited to your circumstances.
Alternative options may include a CVA, which normally provides you with up to 5 years to clear the arrears, or Administration / Pre Pack Administration.