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60 Second Assessment

Corporation Tax Support

Corporation Tax

Often one of the most financially burdensome taxes for businesses, corporation tax arrears are extremely common in companies across all sectors. Due once a year at a current rate of 19%, the amount payable is determined by the company’s profits over its financial year. Any investments the company holds will also be subject to corporation tax, as will any chargeable gains, i.e. selling assets for more than they originally cost.

Those with profits in excess of £1.5m pay corporation tax in instalments, however, for those businesses earning less than this, the entire amount due must be paid in one lump sum within nine months of the company’s financial year end.

60 Second Assessment

How the Process Works

Our team are highly experienced in setting up Time to Pay arrangements for company directors just like you. Here is how the process works:

1. Initial Assessment

Call the Time to Pay Experts who will assess your situation and let you know whether a TTP arrangement is suitable for you and your company.

2. Negotiations

Using the information you provide, we will draw up a suitable payment proposal and present this to HMRC on your behalf. We will remain on hand to handle any contact or negotiations with HMRC throughout.

3. Approval

Once your TTP has been approved we will remain in contact with you throughout its duration to provide any additional help and support your business needs.

Who are the

Time To Pay Experts?

We are an experienced team of business rescue and recovery experts, committed to helping limited company directors and sole traders deal with their HMRC debts.

Benefit of using TTP Arrangement Experts:

Over 30 years’ experience

Strong relationships with HMRC

Support from start to finish

Nationwide coverage

As part of Begbies Traynor Group, we have an extensive network of experienced advisers across the country ready to help you deal with your HMRC debts.

Comprehensive service

From making the initial call to HMRC, through to handling the negotiations on your behalf, your dedicated adviser will be with you every step of the way.

Maximise your chance of success

Thanks to our extensive experience with HMRC we can present your case in the best way possible, greatly increasing your chances of a successful outcome.

More about Corporation Tax

Where a lot of businesses come unstuck is that it is, unlike income tax, corporation tax is not deducted at source. Instead directors need to plan ahead and ensure they have sufficient reserves set aside to cover this amount when it falls due. Unfortunately in some cases this does not happen. Sometimes this is because money is simply not adequately being saved throughout the year.

However, in other instances directors find themselves dipping into money set aside to cover the tax bill when cash flow becomes tight, often with genuine intentions of repaying this back into the pot before the tax deadline. If this money is not sufficiently replenished in time, the company is at risk of defaulting when the payment becomes due.

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