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DON’T FACE HMRC ALONE - 35+ YEARS’ EXPERIENCE

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60 Second Assessment

COVID-19 Support

Has your business been affected by COVID-19?

As the world struggles to contain the escalating coronavirus pandemic, businesses across the globe are evaluating what this means for their company and its future prospects.

Although you may feel overwhelmed with the situation, you are most certainly not alone. We are in unchartered territory, and businesses of all sizes and across all industries are facing unparalleled challenges as the coronavirus crisis escalates. The short-term outlook is clouded with uncertainty with no one able to say for certain how long restrictions on physical and social activities or working patterns will continue.

This prevailing sense of uncertainty makes it extremely difficult for you to plan ahead or to envisage how your company may look once this global crisis finally ends. While you cannot control the situation around you, you can control your actions and by taking the appropriate steps you help shield your company as much as possible from the risks.

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.

Cash flow worries

As trade grinds to a halt, either through a drop in demand for your company’s products and services or because of government enforced closures of public spaces and non-essential retail premises, you can find your cash flow quickly takes a hit. As other companies within your supply chain begin experiencing financial difficulties themselves, you may find the invoices you issue taking longer and longer to be settled, or else not being paid at all.

When your incomings are stretched this is undoubtedly going to have an impact on your ability to keep up with your existing and upcoming financial commitments. As well as payments due to suppliers, contractors, and employees, you also have to factor in how you will continue to pay your company’s taxes. The reality is that many businesses will be unable to satisfy all creditors fully, meaning many are likely to fall into debt with HMRC over the coming months.

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Dealing with HMRC debt

While owing money to HMRC may be an unnerving prospect, these debts do not need to signal the end for your company. The good news is that HMRC are more open than ever before to implementing TTP arrangements, helping companies just like yours deal with their tax debts.

Time to Pay arrangements have been around for many years, however, in the wake of severe business disruption resulting from the Covid-19 outbreak, the government have publically announced their desire to help company’s enter into these types of payment plans to lessen the immediate financial burden they are under. This means more companies than ever before are likely to be granted additional time to bring their tax debts with HMRC up to date.

Securing a HMRC Time to Pay arrangement

While the criteria surrounding Time to Pay may have been relaxed, this does not mean that every company will be offered one. HMRC will still need to have confidence in your business as a going concern and also have faith in your ability to keep up with the agreed monthly repayments. Consequently, you will still be required to put together a convincing proposal to reassure HMRC that your business is a suitable candidate for a Time to Pay arrangement.

If you believe your company could be at risk of not being able to pay its upcoming tax obligations, or if you have already fallen behind with your payments, it is vital that you speak to an expert at the earliest possible opportunity. Early intervention not only prevents the debt from reaching unmanageable levels, it also increases your chances of arranging a TTP plan with HMRC as they look favourably on those companies which take a proactive stance in paying back what they owe.

Is a Time to Pay arrangement right for you?

TTP arrangements are a great solution for those who have outstanding tax liabilities owed to HMRC yet are otherwise managing to keep up with their other financial commitments. If HMRC are just one of a number of your company’s creditors, and you are finding these debts are spiralling out of control, a Time to Pay arrangement may not be the most appropriate solution to your needs.

As a team of fully licensed insolvency practitioners we are able to discuss alternative procedures which may be more suitable should it be determined that a TTP is not the best route forward for your company. There are a number of formal business rescue and recovery options which can be considered including a Company Voluntary Arrangement (CVA) or placing the company into administration.

The alternatives to Time to Pay

A CVA involves you entering into negotiations with all of your creditors – including HMRC – in order to come to a legally binding repayment agreement. Some of your liabilities may be written off depending on what your company can afford, with the rest being paid back over the duration of the CVA which is typically 3-5 years. This type of process can only be undertaken under the supervision of a licensed insolvency practitioner.

Administration on the other hand, gives your company legal protection against creditors while the future viability of the company is assessed. This vital breathing space – by way of a moratorium -ensures the safety and security of your company in the short-term, allowing for a long-term route out of insolvency to be planned by the appointed administrator if achievable.

If your company’s financial problems have taken it beyond the point of rescue, we can also discuss liquidation options which will see your company being wound down in an orderly manner and creditors dealt with accordingly. This is done through a formal insolvency process known as a Creditors’ Voluntary Liquidation (CVL) and can only be entered into under the guidance of a licensed insolvency practitioner who will act as the company’s liquidator.