We’ve helped 1000s of limited companies deal with HMRC debt management. In many situations, HMRC can and will help you if you can’t make your payments. HMRC’s support services are there to negotiate deferred instalments for paying tax. But it’s vital you get help before it’s too late.
What’s HMRC debt management?
If you’re receiving payment demands from HMRC, engaging with them – either on your own or through a licensed insolvency practitioner is crucial. HMRC actively pursues arrears, which often result from cash-flow problems within the business.
We can help you assess your financial situation and explore options to prevent compulsory liquidation by HMRC.
Time to Pay (TTP)
HMRC have structured ways of helping you repay your debts to them. A Time to Pay (TTP) arrangement is one of them.
The principle of TTP is to allow you to repay the outstanding liabilities for VAT, PAYE and Corporation Tax in affordable instalments rather than in one go. Seeking a TTP arrangement could defer HMRC taking action against you.
Any business can apply for a TTP arrangement but it’s important to be able to demonstrate the viability of the business going forward and the likelihood of the company returning to a state of financial security. A strong proposal to support your desired repayment structure is an essential part of the negotiation.
Company Voluntary Arrangement (CVA)
A CVA allows your company to restructure its debts to HMRC, offering a formal agreement to repay over an extended period. This process can halt HMRC action and protect your business from Compulsory Liquidation.
Involving a licensed insolvency practitioner in any negotiations you have with HMRC gives you the best chance of success–we have decades of experience creating HMRC debt management plans. As our client, we’ll sit down with you and take the time to understand your situation, before creating a plan with you.
Speak to one of our licensed insolvency practitioners to find out how we can help you with your HMRC debt management.
