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Income Tax Support

Income Tax

With almost one million people failing to submit their tax return on time this year, Self-Assessment tax arrears are extremely common amongst business owners whether they are self-employed sole traders or limited company directors. An immediate automatic £100 penalty is imposed on individuals who are late in filing their return, with additional fees and interest continuing to accrue until the account is brought up to date. With these charges being added onto the balance and interest compounding all the while, the debt can quickly build, escalating out of control.

In response to the challenges posed by COVID-19 the government has announced that upcoming Self-Assessment payments will be deferred until January 2021 in order to give business owners some much-needed breathing space. However, while this will go some way towards helping individuals manage their current and future tax liabilities, there are many who are already in debt to HMRC with income tax arrears who do not have the available cash flow needed to clear the money owed.

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 Income Tax

When it comes to setting up a payment plan, income tax arrears are treated in the same way as other types of HMRC debt, meaning a Time to Pay arrangement can be put in place in order for these to be paid off in a manageable way.

We are able to help individuals and sole traders who have income tax arrears of at least £10,000 set up a Time to Pay plan; however, if you are a limited company director and have debts to HMRC spread across various forms of tax, we can incorporate any level of income tax arrears into a Time to Pay arrangement.

Get Started Today