If you are struggling to pay your current tax bill or think you will struggle to meet your tax obligations in the future, SFP can apply on your behalf for a Time to Pay Arrangement, meaning you can spread the outstanding balance across multiple monthly payments.
- A Time To Pay (TTP) arrangement allows you to spread company debt to HMRC over monthly instalments
- Time to Pay is usually spread over 12 months
- Longer repayment periods can be negotiated in special circumstances
- Any company or sole trader who is already in arrears – or expects to default in the near future on their corporation tax, VAT and/or PAYE – can ask HMRC for a Time To Pay arrangement
- HMRC must be satisfied that you will be able pay back the outstanding amount in full over the time period
- Corporation tax owing from the previous year can also be proposed for a Time To Pay arrangement.
- You will need to provide financial forecasts, examples of how you can manage or reduce costs within the business, and a convincing argument, showing your determination to meet your tax liabilities.
- If you can prove that your business has been adversely impacted by the coronavirus, HMRC may also take a more lenient view on helping you to pay your taxes.
How to apply
Using SFP to manage the application process for you adds credibility and support to your claim and saves wasted time and emotional effort. We know what HMRC is looking for and how the application needs to be presented.
HMRC will look at your track record in terms of making payments and filing your tax returns, as well as some of the broader issues impacting the sector in which you work, and which might give cause for concern.
Demonstrating that you have conducted a full, financial analysis and we are satisfied that your business will be able to meet its future obligations is a distinct advantage.
SFP can help you navigate your way through further options if your application is initially rejected or continues to be declined.
Call us now on 0203 5877700 or fill out the form and we will be glad to talk you through the process and your options.
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